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Unclaimed Australian Super rules

Unclaimed Australian Super rules

New legislation affecting Superannuation Accounts that are considered “inactive” will come into effect soon.

The two main changes to the Unclaimed Super rules are:

Paragraph 24B(1)(b)
Omit “$200”, substitute “$2,000”.

6 Paragraph 24B(2)(b)
Omit “5 years”, substitute “12 months”.

This means:

Small lost accounts with balances of less than $2,000 (this was $200) and accounts of unidentifiable members that have been inactive for 12 months (This was 5 years) will be required to be paid to the Commissioner.

Interest will also be paid on unclaimed superannuation money at the time this money is claimed.

This will accrue and be payable from 1 July 2013 on all unclaimed superannuation money.

Individuals are able to claim back monies from the Commissioner at any time.

Interest on these monies is currently only payable in the case of former temporary residents who become an Australian or New Zealand citizen or hold a permanent resident visa.

http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r4921



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