Find & Claim Lost Super - Small Accounts < $200

See this post for how it works ==> Claiming Lost Superannuation Money (small accounts)

To enhance efficiency in the superannuation system, the Government will require superannuation providers to transfer certain lost superannuation accounts to unclaimed monies, with effect from 1 July 2010.

Superannuation providers will be required to transfer lost accounts with balances less than $200 (small accounts), and those which have been inactive for a period of five years and have insufficient records to identify the owner of the account (insoluble accounts).

Former account holders will still be able to reclaim their money from the Australian Taxation Office (ATO) at any time.

There are currently around 3 million lost accounts with balances less than $200.

This measure will address the growing problem of lost superannuation accounts - potentially reducing them by 40 per cent.

In particular, the measure should bring long term benefits for funds as they will no longer need to administer or apply member protection to dormant accounts which are transferred to unclaimed monies.

This will also improve equity for other fund members where costs are currently apportioned to those members when applying the member protection rules.

(Source: Sen the Hon Nick Sherry Press Release)

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