Tax Bit:- Better protection for lost superannuation Due to an increasing number of enquiries and current discussion in the media, I would like to clarify that should you have multiple superannuation contribution accounts, your will NOT lose your superannuation amounts. A new measure by the ATO introduces a number of reforms to preserve the value of lost member accounts in the superannuation system. The reforms took effect from 31 December 2012. The existing account balance threshold below which inactive accounts and accounts of uncontactable members (small lost member accounts) are required to be transferred to the ATO has increased from $200 to $2,000 to ensure they are properly protected from being eroded by fees and charges. The existing period of inactivity before an account of an unidentifiable member (insoluble lost member account) is required to be transferred to the ATO has been reduced from five years to 12 months. Interest will be paid from 1 July 2013 on all lost super accounts reclaimed from the ATO. Super funds have an additional month to report and pay unclaimed super for small and insoluble member accounts to the ATO for the first reporting period. Unclaimed money statements for this category will be due on 31 May 2013. Changes have also been made to the definition of a lost uncontactable member to ensure that accounts of uncontactable members which have been active in a 12 month period are not transferred to the ATO.
Posted on: Thu, 06 Jun 2013 04:49:48 +0000
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