In media release No 2011/134, issued 23 September 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of draft legislation allowing the ATO to administer an electronic portability form for lost superannuation accounts to make consolidating lost superannuation easier.
The current process for consolidating lost superannuation is cumbersome as it requires fund members to post certified copies of their ID to their fund once they have located the lost superannuation, Mr Shorten said.
The new process will enable members to visit the ATO website, fill in a simple form and click a button to consolidate their superannuation. The ATO will apply a verification process using data supplied by the member. This should make it simpler and easier for people to claim their lost superannuation and funds can streamline the actioning of these requests.
Consultations will close on 13 October 2011.