The exposure draft for the transfer of State and Territory unclaimed superannuation to the Commonwealth regulations and the accompanying explanatory materials has been released for public consultation.
These regulations will amend the Superannuation (Unclaimed Money and Lost Members) Regulations 1999. They will allow prescribed public sector superannuation schemes to pay unclaimed superannuation money to the Australian Taxation Office (ATO). The regulations prescribe eight public sector schemes from the Commonwealth, Victoria, Queensland, and Western Australia. Only those schemes nominated have been prescribed. The regulations will help improve the administration of superannuation by facilitating the transfer of various unclaimed monies to the ATO.