On 16 December 2013, Treasury released for public consultation an exposure draft of the Tax and Superannuation Laws Amendment (2014 Measures No 2) Bill 2014: lost member small account threshold and the accompanying explanatory material.
Currently, small lost superannuation accounts, with balances of less than $2,000 must be transferred to the Commissioner of Taxation.
The exposure draft legislation gives effect to the Government’s decision, announced on 6 November 2013, to proceed with the former government’s proposal to increase the lost member small account threshold in two stages. It is proposed that the threshold will increase from $2,000 to $4,000 on 31 December 2015 and then to $6,000 on 31 December 2016. The intent of this policy is to protect the balances of small accounts from erosion by fees and insurance premiums.
The closing date for submissions is Monday 3 February 2014.