When we must make a refund
The Superannuation (Unclaimed Money and Lost Members) Act 1999 (SUMLMA) states that where the Commissioner is satisfied that an amount paid by a reporting fund exceeded the amount payable (if any) under the relevant subsection with respect to an individual, the Commissioner must refund the excess to the reporting fund. If the reporting fund no longer exists, the Commissioner must refund the excess to an equivalent fund.
The Commissioner will be satisfied that an amount paid exceeded the amount (if any) that was payable under the relevant subsection, once the Commissioner has processed an adjusted USM statement and this results in a material decrease in the amount payable with respect to a person.
When to lodge USM adjustments
You have 30 days from when you find a mistake or omission on your reported USM statement to lodge an adjustment.
The adjustment request should be because of a genuine fund reporting error, not a change of mind by fund or member.
For example, you can request an adjustment if you:
- incorrectly reported an amount
- forgot to include a member
- incorrectly reported a member.
How to lodge USM adjustments
For all USM adjustment requests, you'll need to download the USM adjustment template (XLSX 45KB)This link will download a file.
Increase adjustments
If your adjustment involves an increased USM amount, report this to us by sending a new USM lodgment for the additional amount via SuperStream.
Decrease adjustments
If your adjustment involves a decreased USM amount for a member a partial adjustment request will need to be lodged. We'll cancel the lodgment, and you can then send a new USM lodgment to report the correct entitlement for the member via SuperStream.
Ensure complete and accurate information is provided on the USM adjustment template as per the data specifications. Failure to do so may require you to resubmit a corrected template.
How to lodge your template
Lodge your completed USM adjustment template through Super enquiry service or Online services for business.
Super enquiry service
To lodge your template through the Super enquiry service:
- Select Fund enquiries, then USM reporting.
- For the request type, select USM – adjustments.
- Complete the required information.
- Attach your file, then submit.
Online services for business
To lodge your template through Online services for business:
- Select Communication, Secure mail, then New.
- Select Superannuation as topic.
- Select Lodge USM adjustment templates / Non-lodgment advice.
- Attach your file, then complete the declaration and send.
Why we can't automatically refund USM
Lodging and paying your USM to us is a tax obligation under section 17(1) of SUMLMA. Under this section, the obligation to pay USM to us is a tax-related liability. This means any payment received in respect of a current or anticipated debt must be allocated in accordance with our legislation and can't be automatically refunded.
The reporting and payment of USM occurs in accordance with the SuperStream rollover standard, however the associated obligations are contained in the SUMLMA.
The obligations to report and pay USM are 2 separate obligations and if a message is rejected the obligation to pay still stands.
If the reporting period relating to the adjustment request is not balanced to zero or the fund is still lodging and paying, we're unable to refund as there are current reporting obligations to be met.
Show reasonable care
You have a responsibility to submit accurate and complete USM reporting. You should ensure you have appropriate processes in place to meet your legislative obligations. Your assessment of whether an account meets the appropriate definitions under the SUMLMA should be complete at the time of lodging your statement.
Where adjustments are later lodged, we'll review them to check if they're the result of a lack of reasonable care. If they are, we may consider penalties for false and misleading statements.