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  • Deferral of USM reporting and payment obligations

    We recently announced a deferral of the 30 April 2020 reporting and payment date of your unclaimed superannuation money (USM) obligations for the 31 December 2019 unclaimed money day to 31 October 2020. This deferral extends the period in which USM accounts can be reported and paid, however you can complete USM reporting at any time before 31 October 2020.

    The deferral applies to the following reporting and payment obligations:

    • members aged over 65 years
    • deceased members
    • non-member spouse
    • former temporary residents
    • small and insoluble lost member accounts
    • inactive low balance accounts.

    Opting to exercise the deferral means:

    • You are required to assess your member accounts as at 31 December 2019. This might occur by you
      • having already flagged USM accounts at 31 December 2019, or
      • reassessing all of your accounts as at 30 June 2020 (as you would normally and that would practically capture any accounts at 31 December 2019 that still meet a USM category).
    • You are not required to report and pay these accounts until 31 October 2020.
    • You will have to reassess these accounts before transferring them to us, and where these accounts
      • continue to meet the previously identified category, you are to report and pay them to us on or before 31 October 2020
      • no longer meet the previously identified category, you are not required to report and pay them to us.
    • Any accounts reported and paid on or before the 31 October 2020 due date will be accepted with the unclaimed money day of either 31 December 2019 or 30 June 2020. However a USM lodgment file may only contain one of these dates.

    This deferral does not apply to your lost member reporting obligations. If you have not already done so, you are still required to assess the lost status of your members biannually and report any changes to the lost status attribute.

    We will continue to proactively consolidate unclaimed super on a regular basis, including the amounts that were transferred to us for the 30 April 2020 scheduled statement day.

    See also:

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      Last modified: 21 May 2020QC 62696