07 Feb 1111 Making it easier to find lost super - draft legislation released
In media release No 2011/025, issued 4 February 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of draft legislation that will allow superannuation funds to use tax file numbers (TFNs) to identify members' accounts.
The draft Bill enables superannuation funds to use the TFN to identify member accounts from 1 July 2011. Although members can currently supply their TFN to their fund, it cannot be used as the primary identifier of their accounts or to assist with consolidation of accounts between and across funds. The Assistant Treasurer said that the proposal will be subject to strict privacy guidelines.
Consultations will close on Thursday 17 February 2011.