Reporting requirements
The SUMLMA, SUMLMR and associated SIS and RSA regulations outline your reporting requirements and obligations. These include the requirements for you to report lost, found and transferred member information in the approved form by the due date specified.
The approved form is the lost members statement (LMS) which must be lodged:
- for the half year 1 January to 30 June in a year - on or before 31 October in that year
- for the half year 1 July to 31 December in a year - on or before 30 April in the following year
- if the Commissioner has granted an extension, on or before the extended due date.
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For the reporting period ending 31 December 2012, funds have been granted an additional month to lodge their LMS. The LMS for this period is now due on 31 May 2013.
Future lost member reporting after this transitional period will revert to the usual 31 October and 30 April due dates.
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Do not report on the LMS lost members whose accounts balances are less than $2,000 or are considered insoluble.
From 31 December 2012, a lost member account of a fund is taken to be unclaimed super if it does not relate to a defined benefit interest, the member is a lost member, and:
- the balance of the lost member account is less than $2,000 (small lost member account), or
- the lost member account has been inactive for a period of 12 months and the provider is satisfied that it will never be possible to pay an amount to the member (insoluble lost member account).
These accounts will need to be reported and paid to us on the unclaimed superannuation money statement, do not report the member on an LMS even if this is the first time the member has been identified as lost. For further information, see Lost member accounts - unclaimed superannuation money protocol.
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Reporting is compulsory for all super providers except self-managed super funds. If there are no lost member details for the period (because, for example, there are no new lost, found or transferred members to report), you must complete the non-lodgment advice section in the LMS.
Your report must be provided in the format set out in the current Lost members statement - electronic reporting specification. If you have 100 or less lost members, you can choose to lodge via the LMS paper forms (NAT 71825 and NAT 71825A).
Whilst some of the information on the lost member statement is optional, the more accurate the information provided for each member, the better chance there is of the ATO matching the data to the correct TFN, inturn assisting the member to reunite with their lost super.
Where details are not know or only partially know eg only a year, but no day or month of birth, then only include this information. If you don't have an address then do NOT include your address, leave it blank.
Eg:
Date of Birth:
00/01/1957
10/12/0000
Address:
12 Main Street, XXXXXXX, NSW, YYYY
XXXXXXXXXXX, Albany, WA, 6
You are expected to lodge accurate, complete and timely reports. Failure to adhere to these requirements may result in compliance action and subject you to administrative penalties (which will depend upon the facts of each case).
We recognise that there are instances where members are lost at the end of a half year but are found or transferred before reporting to us. In those instances, you do not need report those members.
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Last Modified: Tuesday, 28 May 2013