CLIENT UPDATE 18 June 2010
Unclaimed Superannuation Money Protocol Document The Australian Tax Office (ATO) has recently published on its website the Unclaimed superannuation money protocol document. This document provides guidance for superannuation trustees and administrators in relation to the payment and reporting of members’ superannuation entitlements to the ATO under the Superannuation (Unclaimed Money and Lost Members) Act 1999 (the Act). In particular, the Unclaimed superannuation money protocol document addresses the unclaimed superannuation money of members 65 years old or older, non-member spouses, deceased members and former temporary residents. It also deals with lost members’ accounts including small accounts (balance less than $200) and accounts of unidentifiable lost members. The Unclaimed superannuation money protocol document provides technical guidance by explaining various key terms and gives guidelines on practical administration, taking into account industry best practice and the desire for consistent practices industrywide. The ATO’s ‘Unclaimed superannuation money protocol document’ page may be accessed through this link: http://www.ato.gov.au/superfunds/content.asp?doc=/content/00244815.htm Paul Cleary has considerable expertise in the provision of specialist financial services and would be pleased to offer strategic superannuation legal advice.
For more information, please contact: Paul Cleary Partner T: 02 8257 5760 M: 0407 052 170 paul.cleary@turkslegal.com.au
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