Unclaimed superannuation money protocol

Payment

A super provider is responsible for paying super money (generally as a departing Australia superannuation payment) to a former temporary resident, unless the money has been paid to the Commissioner. From that point onwards, responsibility of payment to these former temporary residents of their super interests rests with the Commissioner.

Payment of super money of former temporary residents to the Commissioner is due and payable at the same time the statement is due to be lodged. Like lodgment, an application may be made to the Commissioner to defer payment. Such requests must be made in writing outlining the reasons for the deferral and proposing an alternative date for payment.

As well as giving a statement to the Commissioner the super provider must also calculate and pay the identified member's super interest where required. To do this the super provider must calculate the amount to be paid and determine the time at which that calculation is to be done.

Sections within Payment

• Timing of the calculation
• How to calculate the former temporary resident's super interest