Increase ‘small lost threshold’ for super
The superannuation (Unclaimed Money and Lost Members) Act 1999 was recently amended* so that, from 31 December 2015, the small lost threshold for super accounts is increasing from $2, 000 to $4, 000.
(*) Amended by the tax and superannuation laws amendment (2015 Measures No. 4) Act 2015, which also made changes to the CGT scrip for scrip roll-over rules, and removes the income tax exemption for certain employees of Australian government agencies.
Inactive and un-contactable accounts with a balance below this threshold are required to be transferred by APRA-regulated funds to the ATO.
Such funds are expected to start preparing to identify, report, and transfer lost accounts below $4,000 as part of their Unclaimed Super Money (USM) Statement due on or prior to 30 April 2016.
NTAA, ‘The Tax advisers’ Voice’ Edition No.254
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