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  • Amendments to Superannuation (Unclaimed Money and Lost Members) Act 1999

    Treasury Laws Amendment (2019 Measures No. 3) Bill 2019 received royal assent on 22 June 2020. The following changes have been introduced and will affect your reporting obligations under the Superannuation (Unclaimed Money and Lost Members) Act 1999 (SUMLMA).

    Assessment of an Inactive Low Balance Account (ILBA)

    • The definition of ‘inactive low balance account’ has been amended so that an account is not an ‘inactive low balance account’ if the member has elected to maintain insurance on that account by making an election under subsection 68AAA (2) of the Superannuation (Industry) Supervision Act 1993.
    • The provision that stated an account is not an ‘inactive low balance account’ if the superannuation provider is owed an amount in respect of the member has been removed.

    Lodgment of member election

    • A member no longer makes the election to the Commissioner of Taxation if they do not want their account to be an ‘inactive low balance account’. The member makes the election directly to the super provider.

    Removal of redundant reporting

    • You no longer have an obligation to report to us accounts identified on the unclaimed money day, that cease to be either unclaimed money or inactive low balance accounts or lost member accounts by the scheduled statement day.

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      Last modified: 20 Jul 2020QC 63216