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11 Dec 12 12 month inactivity test introduced into SIS Regs

Superannuation Industry (Supervision) Amendment Regulation 2012 (No 4) was made on 6 December 2012 and registered on the Federal Register of Legislative Instruments on 10 December 2012 as Select Legislative Instrument 2012 No 316.

Retirement Savings Accounts Amendment Regulation 2012 (No 3) was made on 6 December 2012 and registered on the Federal Register of Legislative Instruments on11 December 2012 as Select Legislative Instrument 2012 No 315.

These regulations amend the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997, respectively, to introduce a 12 month inactivity test for uncontactable members of a super fund. This will clarify the amendments to the unclaimed monies legislation, ensuring that accounts of uncontactable members, which have been active in a 12 month period, are not unnecessarily transferred to the ATO.

For a copy of the Explanatory Statement, click on the Explanatory Statement tab.

 


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