Changes to Unclaimed Superannuation Money & Lost Super Accounts




Recent changes to the law mean that super funds will have to pay certain lost accounts (small accounts less than $200) as unclaimed superannuation money to the ATO.

How will the unclaimed superannuation money & lost super accounts work?

From 1 July 2010, super funds will be required to pay unclaimed superannuation money to the ATO where an account is held by a lost member and:

  • it has a balance of less than $200 (small lost member accounts), or
  • the fund has not received an amount in respect of the member within the past five years and the fund, given the information reasonably available, is satisfied that it will never be possible to pay an amount to the member (insoluble lost member accounts).

Superannuation funds that hold Unclaimed superannuation money & lost super accounts less than $200 must transfer it to the ATO as unclaimed superannuation money when:
  • a member is aged 65 and the fund:
    • has not received an amount in respect of the member within the past two years
    • has not been able to contact the member after the end of a period of five years, after making reasonable efforts to do so
  • a member dies and:
    • there is a benefit immediately payable for the member
    • the fund has not received an amount in respect of the member within the past 2 years
    • the fund, after making reasonable efforts and after a reasonable period has passed, is unable to ensure the person entitled to the benefit receives it
  • a non-member spouse is entitled to be paid an amount as a result of a payment split and the fund is unable to ensure the benefit is received by the person entitled to receive the benefit after making reasonable efforts and after a reasonable period has passed
  • the account belongs to a former temporary resident. 
 (Source: ATO)

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