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International Law

: Australian Regulatory Compliance Review

Lost members' superannuation accounts

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The 2009-10 Budget contained an announcement that superannuation providers will be required to transfer lost accounts which have balances less than $200, and those accounts which have been inactive for a period of five years and for which there are insufficient records to identify the owner, to the Commonwealth.

The measure will have effect from the 2010-11 income year.

Treasury has released an Exposure Draft of the Superannuation Legislation Amendment (Lost Members? Superannuation Accounts) Bill 2009

Submissions close on 25 September 2009.

Full post as published by Australian Regulatory Compliance Review on September 13, 2009 (boomark / email).

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