Treasury has released for comment exposure draft regulations which propose to amend the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 to allow certain public sector schemes to be able to pay unclaimed super money, lost member accounts and super of former residents to the Tax Commissioner if they chose to do so. This will be done by essentially prescribing those public sector schemes that have indicated their wish to be permitted to comply with certain sections of the Superannuation (Unclaimed Money and Lost Members) Act 1999. In addition, the draft regs propose to make various minor amendments to make the principal regulations easier to navigate and correct technical errors.
DATE OF EFFECT: The Regulations are proposed to commence on the day after it is registered.
COMMENTS are due by 22 August 2012.
[LTN 141, 24/7]