Lost members’ superannuation accounts

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.

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