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    The provisions that outline the lost members register regime are in Part 4 of the SUMLMA and the associated Superannuation (Unclaimed Money and Lost Members) Regulations 1999 (SUMLMR). The intent of the lost members' legislation is to establish a scheme to deal with lost members of super funds and retirement savings accounts (RSAs).

    The SUMLMA requires you report to the ATO, twice yearly, the details of members you consider to be lost (as defined by regulation 1.03A of the Superannuation Industry (Supervision) Regulations 1994 (SISR) or regulation 1.06 of the Retirement Saving Accounts Regulations 1997). The information is retained in a register called the lost members register (LMR).

    The money held for the lost member remains with the super provider, unless it meets the definition of a small (less than $4,000 until the end of 2016, and increased to $6,000 from 31 December 2016) or insoluble (inactive accounts of unidentifiable members) lost member account as defined by section 24B of the SUMLMA. In these cases, it is paid to the ATO as unclaimed superannuation money (USM).

    As the member must first be lost for an account to meet the definition of a small or insoluble lost member account, this protocol document will also assist super providers in identifying accounts which may need to be paid to the ATO as unclaimed superannuation.

    Further information on small and insoluble lost member accounts is available in the unclaimed superannuation money protocol document.

    The key responsibilities for the ATO established by the lost members legislation include:

    • keeping a register of lost members containing the information received from super providers
    • reducing, at an early stage, the amount of lost super that becomes unclaimed.

    See also:

      Last modified: 03 Jan 2017QC 27204