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Exposure Draft - Lost Members' Superannuation Accounts


Friday, 4 September 2009

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The Government announced in the 2009-10 Budget it will require superannuation providers 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.

Public consultation was undertaken on improvements to the lost members framework through the release of a discussion paper on 14 November 2008. The paper included a proposal to pay small and insoluble (unidentifiable) accounts to the Commonwealth.

Making a submission

Interested parties are invited to comment on the exposure draft legislation. While submissions may be lodged electronically, by post or by facsimile, electronic lodgment is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence.  Automatically generated confidentiality statements in emails do not suffice for this purpose.  Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.  A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

Closing date for submissions: Friday, 25 September 2009

Address written submissions to:
Benefits and Regulation Unit
Personal and Retirement Income Division
The Treasury
Langton Crescent

Email:  lostmembers@treasury.gov.au

For inquiries, please call Alan Mallory on (02) 6263 3327

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft - Lost Members' Superannuation Accounts  94.77kb
Explanatory Material  80.94kb
Consultation Summary  33.79kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft - Lost Members' Superannuation Accounts  2,397.83kb
Explanatory Material  375.09kb
Consultation Summary  832.35kb

Related Items:

Superannuation Clearing House and the Lost Members Framework - 14/11/2008
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Submissions: Exposure Draft - Lost Members' Superannuation Accounts - 27/10/2009

Treasury has received six submissions in response to the Exposure Draft Lost Members' Superannuation Accounts. All of these are public submissions and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

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