03 Aug 10 Lost members register for super providers
The ATO has foreshadowed an update to its document "Lost members register for super providers".
From 1 July 2010, the government will require super providers to report and pay the following accounts as unclaimed superannuation money:
- lost accounts with balances of less than $200 (small lost member 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 lost member accounts).
The ATO says that the content in the document will be updated shortly. For more information on these changes, refer to "Payment of small and insoluble lost member accounts to the ATO".