16 Dec 099 Payment of small and insoluble lost member accounts to the ATO
The ATO advises that from 1 July 2010, the Government will require superannuation providers to transfer the following accounts to unclaimed monies:
- lost accounts with balances of less than $200 (small accounts)
- lost accounts which have been inactive for a period of five years and have insufficient records to ever identify the owner of the account (insoluble accounts).
Former account holders will be able to reclaim their money from the ATO at any time.
The first reporting period for superannuation providers will be 1 January 2010 to 30 June 2010, and the due date for lodgment and payment will be 31 October 2010.
For a copy of the ATO advice, go here