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21 May 2020 ASIC Updates

Finding and consolidating ‘lost’ superannuation

Duplicate superannuation accounts and ‘lost’ superannuation is a longstanding problem that has undermined confidence in the superannuation industry. To counter these issues, both industry and the Government have done significant work to raise consumer awareness of the potential harms from having multiple accounts.

They have also created systems and processes—such as the ‘lost super’ search line and the functionality offered through MyGov—to help consumers find and consolidate their multiple accounts and any lost superannuation. This has resulted in $4.38 billion being consolidated into active superannuation accounts.

Read more here.

ASIC financial reporting deadlines extended - Instruments registered

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