The Government announced in the 2009-10 Budget that 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. Exposure Draft legislation and Explanatory Material has now been released for public consultation. The closing date for submissions is Friday 25 September 2009.
For a copy of the Exposure Draft legislation and Explanatory Material, go here