House of Representatives

Superannuation (Unclaimed Money and Lost Members) Bill 1999

Superannuation (Unclaimed Money and Lost Members) Act 1999

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

General outline and financial impact

This Bill improves and consolidates provisions relating to unclaimed money and lost members in the Superannuation Industry (Supervision) Act 1993 and the Retirement Savings Accounts Act 1997 . The aim of this Bill is to reunite people with their superannuation, particularly casual and itinerant workers and those with broken employment patterns (eg. fruit-pickers and other itinerant labourers) who have superannuation savings but who have lost the paperwork associated with their account, were never given the paperwork because they terminated employment before the contribution was made or lost contact with their fund in other circumstances.

Date of effect: Subject to transitional arrangements, this Bill will apply from Royal Assent.

Proposal announced: Not previously announced.

Financial impact: A small unquantifiable increase in revenue is expected to result from superannuation money paid from State and Territory unclaimed money registers being taxed in the same manner as superannuation money paid from complying superannuation funds, retirement savings accounts and the Commonwealth unclaimed money register. Administration costs for Commonwealth, State and Territory unclaimed money registers will be substantially reduced through provisions facilitating greater co-operation between the registers and extending the use of tax file numbers to the Commonwealth lost members register and the State and Territory unclaimed money registers.

Compliance cost impact: Minimal.

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