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  • CRT Alert 004/2016

    Additional information for Lost Member Report (LMR) re-report 2016

    Update

    In the February 2016 monthly communique we published an article titled Lost Member Report (LMR) re-report 2016.

    We have since had requests for additional information around what information should not be included in the LMR re-report for the period ending 31 December 2016. Therefore, we have republished the article below with additional information included in italics.

    Revised article

    The ATO is conducting a full LMR re-report for the period ending 31 December 2015. The due date for the statement has been deferred from 30 April 2016 until 31 May 2016.

    Information to include

    • All lost (L) and inactive (I) members held by the fund as at 31 December 2015
    • Provider details – ensure that this contains the full registered name of the fund
    • Supplier details – ensure that this contains the:
      • full registered name of the supplier, and
      • contact details of the person lodging the form
       

    Information not to include

    Do not include any lost accounts that:

    • are Found (F), Transferred (T), or reported in Error (E)
    • have account balances under $4,000 (excluding defined benefit accounts)
    • were in the USM statement lodged prior to 30 April 2016
    • belong to deceased members or to members who are over 65 years of age, where they meet the Unclaimed Super Monies tests
      • It is recognised that certain lost accounts for members over age 65 and deceased may not meet the Unclaimed Superannuation Money tests, but still meet the lost definition, and these accounts should still be included in the full Lost Member re-report.
       

    The ATO quality assurance process

    The LMS files will be subject to quality assurance checks to ensure the accounts listed in “information not to include” is not reported. If your file passes the check you will receive an Outcome of Lodgement report. If it does not, we will contact you to discuss the errors and request you lodge a new LMS with the correct information.

    We apologise for any inconvenience this has caused.

    For more information

    If you require any further information or clarification please forward any concerns regarding this matter through to our SuperCRT@ato.gov.au mailbox.

      Last modified: 25 Nov 2016QC 50613