Unclaimed superannuation money protocol

This document provides guidance for superannuation providers regarding super interests identified in the Superannuation (Unclaimed Money and Lost Members) Act 1999 (SUMLMA) that are required to be reported and paid to the Commissioner of Taxation (the Commissioner).

The SUMLMA sets out certain circumstances when super providers are required to transfer money in respect of a member to the Commissioner. It also sets out reporting obligations that apply to most super providers.

Purpose

This document provides guidance to super providers and suppliers in meeting their reporting and payment obligations to the Australian Taxation Office (ATO) in relation to the terms and concepts defined by the SUMLMA:

• unclaimed superannuation money
• for a member 65 years old or older
• for a non-member spouse
• for a deceased member
• unclaimed superannuation money of former temporary residents
• certain accounts belonging to lost members
• small accounts (where the balance is less than $2,000)
• inactive accounts (of unidentifiable lost members).

This document also provides technical guidance. It includes:

• an explanation of various key terms contained in the law
• guidelines on practical administration
• various suggestions of industry best practice
• consistent practices to be adopted across the industry.

While this document does not have the force of law, does not replace the law and is not binding on the Commissioner, it is a document developed in collaboration with industry representatives to support compliance with the unclaimed super interests as listed above.

This document does not apply to super providers that are trustees of a state or territory public sector super scheme, unless: the relevant state or territory has laws requiring the reporting and payment of unclaimed superannuation money to the state or territory government the state or territory public sector super scheme complies with relevant state or territory laws.

Where a state or territory does not have laws requiring the reporting of unclaimed superannuation money to the state or territory government, then the state or territory public sector super scheme is required to comply with the SUMLMA and this document.