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  • CRT Alert 055/2019

    Adjustments to inactive low-balance account reporting

    Member declaration forms received from members to advise that their account isn't an inactive low balance account (ILBA), must be received before unclaimed super money (USM) is reported and paid to the Commissioner.

    If you receive a member declaration form after you've reported and paid the member as an ILBA you should not request an adjustment. Instead, advise your members that reporting and payment has already concluded and their account has been sent to the ATO in accordance with legislative requirements.

    With the new process of proactive consolidation well underway, it's vital that reporting and payments are made accurately, as we're reuniting members with their ATO-held monies in real time. If you identify an error and the money has been proactively consolidated, the recovery process will be more complex.

    Where you've reported and paid a member as an ILBA and identify genuine errors in your reporting, you can request an adjustment to your unclaimed money statement.

    We'll contact you if we require further information to process your adjustment request. You should review the request to ensure you've completed all fields correctly and only included the relevant members.

    Please note, we won't process your adjustment until we receive the required information.

    Requesting an unclaimed super money adjustment

      Last modified: 25 Nov 2019QC 60708