You are required to meet your legislated reporting and payment obligations for unclaimed super money (USM) and lost member accounts.
Lost member
You must assess the lost status of your members at least twice a year, on or after:
- 31 December but before 30 April. If there's been a change in the member’s ‘lost status’ account attribute, report that information by 30 April
- 30 June, but before 31 October. If there's been a change in the member’s ‘lost status’ account attribute, report that information on or before 31 October.
USM
You must report and pay:
- unclaimed super monies
- unclaimed super of former temporary residents
- small and insoluble lost member accounts
- inactive low-balance accounts.
You must provide us with a USM statement and make payment by the corresponding scheduled statement day. Then update the account status and account phase to closed in the Member account attribute service (MAAS). This action ensures accurate display of member accounts in online services.
If there are no unclaimed monies, lost members, or inactive low balance accounts to report and pay, you must provide us with a non-lodgment advice.
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