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  • Unclaimed super money reporting obligations

    You have an obligation to report and pay your unclaimed superannuation money (USM) for the 30 June 2020 unclaimed money day by 31 October 2020. For funds who deferred the reporting and payment of their 31 December 2019 USM as per our deferral advice, the 31 December 2019 USM accounts are also due to be reported and paid by 31 October 2020.

    This applies to:

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

    The government recently announced the extension of the coronavirus early release of super measure to 31 December 2020. There will be no further deferral of USM reporting and payment obligations due to the extension of the measure. The circumstances for both funds and members are significantly different now and leading into October, than it was in April when the measure was starting.

    Funds should ensure that accounts reported and paid as unclaimed monies are closed immediately through the Member Account Attribute Service, so that accounts cease displaying to individuals in ATO online services.

    Accurate and complete USM reporting

    Ensure you have appropriate processes in place to meet your legislative obligations. Your assessment of whether an account meets the appropriate definitions under the Superannuation (Unclaimed Money and Lost Members) Act 1999 should be complete at the time of lodging your statement. Where amendments are later lodged they will be reviewed to check if they are the result of a lack of reasonable care. If they are, the Commissioner may consider penalties for false and misleading statements.

    For assistance with unclaimed super monies obligations, email SuperCRT@ato.gov.au.

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      Last modified: 27 Aug 2020QC 63502