The Association of Superannuation Funds of Australia (ASFA) is continuing its lobbying around Australia’s $3.75 billion in unclaimed super, calling again on the Government to make legislative changes to enable the Commissioner of Taxation to distribute it into active super accounts.

ASFA chief policy officer, Glen McCrea said ASFA would champion the option to amend the Superannuation (Unclaimed Money and Lost Members) Act 1999  for the Commissioner of Taxation to pay unclaimed money to an individual’s current account.

“One way to greatly improve the system is to have the ATO [Australian Taxation Office], which has the details of the active superannuation accounts for most individuals with unclaimed super, to return unclaimed funds currently captured by legislated threshold transfers,” he said.

 

McCrea said the active repatriation of account held by the ATO should be a favourable option, given its consistency with the Government’s policy objective to reduce unnecessary super.

Credits:Hope William-Smith