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  • Reminding funds of unclaimed super money and lost member reporting and payment obligations

    Unclaimed super money

    On or before the 31 October 2021, funds will need to report and pay the following to meet their reporting obligations for unclaimed super money (USM) for the statement period 1 January 2021 to 30 June 2021:

    • unclaimed super monies
    • unclaimed super of former temporary residents
    • small and insoluble lost member accounts
    • inactive low-balance accounts.

    Section 20C notices

    Funds who have recently received a Section 20C notice (former temporary residents) have a legislative requirement to either:

    • pay the balance of the account listed on the notice to us by 31 October 2021, then close the account via Member Account Attribute Service (MAAS) within 5 days of closing the account, or
    • reject the notice, using the correct reason code:
      • member was not found (reason code SUPER.GEN.GEN.21)
      • individual is no longer a member (reason code SUPER.GEN.GEN.22)
      • member has a pending payment (reason code SUPER.GEN.RLVR.7).
       

    Reporting obligations in the data standard

    To ensure successful processing when reporting USM in the data, standard funds must complete all fields correctly. This includes:

    • matching the Payment reference number (PRN) in both the data and payment message
    • matching the reported amount to the payment amount
    • funds lodging Trustee Voluntary Payments or Inactive Low Balance Accounts should report these via Rollover version 3 using code “V” and "L" respectively.

    Funds should review each lodgment’s Unclaimed Money Outcome Response (USMOR) to confirm the data message was successful. An unsuccessful USMOR provides details of the reason for the rejection so funds can correct the data message and re-lodge. A unique PRN cannot be re-used within a 12-month period.

    Lost member reporting

    At a minimum funds are required to report the lost status of their members biannually via MAAS. Funds need to assess the lost status of their members:

    • on or after 30 June but before 31 October and if there has been a change in the member’s ‘lost status’ account attribute, report that information on or before 31 October
    • on or after 31 December but before 30 April and if there has been a change in the member’s ‘lost status’ account attribute, report that information on or before 30 April.

    Unable to meet your reporting obligations?

    If funds are unable to meet their obligations within the required timeframe, they may request a deferral. Lodge a request using Super Enquiry Service.

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      Last modified: 23 Sep 2021QC 66854