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  • Protecting your super package

    Inactive low-balance accounts

    The Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2019 received Royal Assent on 12 March 2019. The law introduces a number of initiatives to protect individuals’ retirement savings.

    We will administer the unclaimed super money – ‘inactive low-balance accounts’ initiative. Super providers will be required to identify inactive low-balance accounts as at 30 June 2019 and report and pay the unclaimed super money (USM) by 31 October 2019.

    We will now be able to proactively consolidate certain types of USM to an eligible active super account via an ATO-initiated transfer.

    We've been working with the Super Measures Group to resolve some issues and gain an understanding of industry readiness. We'll continue to consult and we'll publish questions and answers on Let’s Talk soon.

    Important dates for funds:

    • 30 June – first unclaimed money day for inactive low-balance accounts
    • 31 October – super providers to report and pay inactive low-balance accounts to us for the first time
    • 1 November – we will start consolidating eligible USM into active super accounts for members.

    See also:

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      Last modified: 26 Aug 2019QC 58609