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  • Unclaimed Super Money biannual reporting: September 2016 webinar transcript


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    Questions and answers

    Question 1: I was previously under the assumption that a contribution was classified as contact – can you please clearly define contact?

    Answer: Yes, a contribution is considered contact. Although the term ‘contact’ is not defined in the legislation, we define contact as follows:

    Contact requires communication between two parties and can include, but is not limited to, a telephone conversation, meeting in person, member correspondence (written or electronic) or verification provided electronically via the super provider’s website – e.g. verifying or updating address, membership or investment details, if a super provider makes a pension payment to a member’s bank account and the payment is accepted by the bank, it indicates that the bank account is open and belongs to that member.

    Communication with an authorised third party/representative is also deemed contact. Examples of authorised third party includes, but is not limited to, financial advisors/planners, solicitors, holders of powers of attorney etc. However, contact with third parties such as employers will not be deemed as contact as they are not authorised to act on the member’s behalf.

    Examples of communication which is not deemed to be contact includes, but is not limited to, leaving a message on a member’s mobile or voicemail which is never returned by the member or sending out an annual statement, where the super provider is unable to verify whether the member actually received the statement.

    Question 2: In relation to the Section 20 notice, how long does a revocation take to be issued?

    Answer: We aim to action a revocation notice as soon possible as the idea is the fund lodges the revocation request soon after they have received their 20C notice so the ATO can respond before the scheduled statement date of the corresponding 20C notice. The fund will be always be advised if the revocation is granted or not and the resulting course of action required as in some instances the fund may have already lodged and paid for the member.

    Question 3: Regarding amendments, how long does it take for refund to be returned to the Super Fund?

    Answer: We try to respond to the request as soon as possible. An email should be sent from the fund to CRT to advise an amendment has been lodged and to request the amount to be refunded. Due to the large number of funds we assist it can take our processing staff up to 28 days to issue a refund however we do endeavour to process these requests as soon as we can.  If the fund’s USM account has a debit balance or there are lodgment issues (e.g. more than one file per day, mismatched payments) then the refund request can be delayed further.

    Question 4: Can you please clarify:  If we lodge multiple files (over several days) in order to assist processing at ATO/align with system requirements, can we make a single payment for all of our members or, are you saying that we need to make multiple payments to match each daily file lodgment?

    Answer: There should be one payment per lodgment. If the payment does not match the lodgment it delays the entitlements filtering down to the members. The payment matching the lodgment also enables easier reconciliation for the fund.

    Question 5: Can statement be lodged within 2 days of payment?

    Answer: It is best to make the lodgment and payment on the same day. If the payment is not received before or at the same time the lodgment is received this will also delay the entitlements disbursing to the members.

      Last modified: 24 Mar 2017QC 50049