The planned obligation on super funds to transfer ‘lost members’ accounts – those with balances of less than $200 or inactive for 5 years - to the ATO will start early in the 2010-2011 financial year.
The new measures are deemed to be a step in the right direction in addressing the upwards of $13 billion worth of lost super currently in existence, receiving endorsement from SuperRatings CEO Jeff Bresnahan.
“There are 6.4 million lost accounts, which, in most cases, don’t belong to anyone. If it ends up in consolidated revenue, that’s good for taxpayers.”
Mr Bresnahan added that a government funded single point of access for lost super would be of great benefit for Australians in tracking down their lost super.
Whilst the ATO currently has a Lost Super Search Tool, it will not be responsible for all unclaimed monies under the new system.