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  • CRT Alert 068/2018

    19 September 2018

    Reporting ‘no longer unclaimed’ and ‘no longer lost’ accounts as USM

    You have previously reported your ‘no longer unclaimed’ (as per s16(2) SUMLMA) and ‘no longer lost’ (as per s24C(3) SUMLMA) accounts to us using the USM statement via ECI (codes G – no longer lost and N – no longer unclaimed). As these accounts went from being unclaimed on the unclaimed money day to no longer being unclaimed by the USM statement due date these accounts were only required to be reported, but not paid, to us.

    We note since April 2018, when reporting USM moved to the SuperStream channel, that you have been unable to submit this reporting to us via SuperStream because the system does not accommodate reporting that contains a message without an associated payment.

    While there is a legislative requirement in respect of the reporting of these accounts, we recognise that broadly this information is provided to the ATO through other channels. Particularly events based reporting under MAAS and MATS. Taking this into consideration and the low risk associated with this particular reporting requirement the ATO will not apply compliance resources to require the reporting of these accounts on a USM statement.

    If however you wish to continue reporting these accounts to us, you can do so by lodging a USM statement via ECI.

    We note there is currently draft legislation before Parliament which mirrors this reporting requirement for a new category of USM (inactive low balance accounts). Pending the passage of this legislation, we will engage with you regarding those reporting requirements.

      Last modified: 24 Sep 2018QC 56819