Changes aim to help people find 'lost' $10bn in unclaimed super
Fri Dec 8 2006
The Age --- Page: B1 : 8 December 2006 Original article by Marc Moncrief
ABIX Summary
Australia's new superannuation laws include a new response to the large amounts of unclaimed super. The Australian Taxation Office says there is almost $A10bn in super in the lost members register. Under the current rules the ATO administers the register until the account holder reaches 65 years of age, at which time the money is transferred to the state where the fund is based. The ATO will continue to hold the funds under the changes, leaving individuals who may have accumulated super in different states to deal solely with the ATO. CEO of the Association of Superannuation Funds of Australia, Phillipa Smith, said it is sensible to have a single agency maintain the register, but noted the changes will not stop super becoming "lost" in the first place.
