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  • CRT Alert 008/2020

    Unclaimed super money reporting and payment deferral

    We will soon write to trustees advising we are granting a deferral of the scheduled statement day and payment day for 31 December unclaimed money day accounts. This will be a deferral of the 30 April 2020 due date to 31 October 2020.

    We acknowledge that our collective efforts to manage the impact of the COVID-19 pandemic not only on our organisations but also on the community requires us to focus on the Government’s economic response measures ensure they are implemented efficiently.

    We are providing this deferral so funds can focus on assisting their members. It will also avoid potential confusion or complexity for individuals who may be looking to release amounts from their super accounts under coronavirus early release of super measure that may have been paid to the ATO.

    The deferral extends the period within which USM accounts can be reported and paid. Any fund wanting to continue with their USM reporting as planned can do so. Funds may want to consider continuing reporting and paying USM for certain categories (such as where members are 65 years or older) where it would be in the member’s interests.

    In anticipation that this deferral will be used by the majority of funds, we will not proceed with hyper-care arrangements for this USM period (including proactive consolidation). BAU aggregation runs will continue to operate.

    We will reconsider what support will be required for the next reporting period in October and advise you accordingly.

      Last modified: 03 Apr 2020QC 62058