Payments in respect of inactive low‑balance GESB Super accounts in accordance with Commonwealth Unclaimed Money Act Part 3B
105D Payments in respect of inactive low‑balance GESB Super accounts in accordance with Commonwealth Unclaimed Money Act Part 3B
If a GESB Super account is an inactive low‑balance GESB Super account, the Board may make a payment (the payment) to the Commonwealth Commissioner of Taxation in accordance with the Commonwealth Unclaimed Money Act Part 3B as if the GESB Super Scheme were a regulated superannuation fund and the account were an inactive low‑balance account under that Act.
Subregulation (1) does not apply unless —
the Commonwealth Commissioner of Taxation is permitted under the Commonwealth Unclaimed Money Act to accept the payment; and
the GESB Super Member in whose name the account is maintained has not informed the Board that the Board is to continue to maintain the account.
[Regulation 105D inserted: SL 2024/195 r. 13.]
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