Superannuation – CRT Alert 013/2012 - UPDATE

Dear Members / Fund Administrators / Trustees

ATO Lost Members Register (LMR) re-report due 30 April 2012

In CRT Alert 013/2012 we advised that one of the issues we had encountered in files received for the Re-report related to funds reporting small or insoluble lost member accounts. We previously advised:

" (1) inclusion of small (<$200) or insoluble lost member accounts which should be reported as unclaimed super money.

The LMS reporting specifications state that where a member becomes a small or insoluble lost member account for the first time you are not required to report them as lost before reporting as unclaimed. For the purposes of this Re-report, members should be considered as being reported for the first time. Therefore if they meet the definition of small or insoluble lost member account, they should not be reported on the LMS, but rather reported and paid as unclaimed super money. This will prevent member’s details being reported on SuperSeeker as lost with the fund, and also as paid to the ATO as unclaimed super."

During the recent Super Funds Working Group (SFWG) forum it came to our attention that the information provided in the LMS reporting specification has led to a different interpretation in that these members could be reported on the LMS for the same period where the member is also paid to the ATO as unclaimed super on the unclaimed super money statement (USMS). Reporting these members as both lost and unclaimed does not align with the objectives of the Superannuation (Unclaimed Money and Lost Members) Act 1999, mainly to help reunite a member with any lost super.

 

The aim of the Re-report is to have an up-to-date LMR, providing accurate information on SuperSeeker . Whilst we acknowledge your software may report small and/or insoluble lost member accounts on the LMS, we ask again that you attempt to not report these members for the Re-report, as you will also be paying these accounts as unclaimed super to the ATO.

A review of the current LMS reporting specification is being undertaken and if an update is required you will be advised and the opportunity to comment will be provided.

A further issue raised at the SFWG relates to multiple reports for a provider with sub-plans. Our preference is that only one file is lodged as there is only one provider name and ABN registered in the ATO. Where you are unable to send one report for your sub-plans, do not put the sub-plan name as the name of the provider. You can use other parts of the LMS statement within the supplier details to identify which sub-plan you are reporting, for example, the supplier file reference field (SD44). Please also remember that if a sub-plan has no members to report do not lodge a non-lodgment advice (NLA) unless all sub-plans have no lost members to report.

If you need assistance with the Re-report, or wish to discuss any other issues you may have please email OPSSUPERCRT-RUNDLE@ato.gov.au or contact Nat Fedyk on 08 821 89458.

Please note - This message has been forwarded for the information of fund trustees / super fund administrators using email addresses held on ATO records for superannuation reporting purposes. Please ensure that this message is escalated to the appropriate area within your organisation for consideration and appropriate action. If this address is no longer appropriate, please notify opssupercrt-rundle@ato.gov.au at your earliest convenience.

 

Client Relationship Team

Waymouth | Client Account Services
Australian Taxation Office

ATO | Working for all Australians  

Email: opssupercrt-rundle@ato.gov.au