Unclaimed super money and lost member reporting due
Fund rules intended to prevent excess contributions tax
April 11, 2024
Accessing super early may be illegal
April 29, 2024
Remember to pay unclaimed super money and lost member assessment reporting by 30 April 2024.
You need to meet your legislated reporting and associated payment obligations for unclaimed super money (USM) and lost member reporting by 30 April 2024.
Unclaimed super money
- You must report and pay:
- Unclaimed super monies
- unclaimed super of former temporary residents
- small and insoluble lost member accounts
- inactive low-balance accounts.
If there are no unclaimed monies, lost members, or inactive low balance accounts to report and pay, you need to lodge a non-lodgement advice.
Section 20C notices
If you have recently received a Section 20C notice for former temporary residents, you must either:
- pay the balance of the account listed on the notice to us by 30 April 2024, then report the account as closed via Member Account Attribute Service (MAAS) within 5 days of closing the account
- reject the notice, using the correct reason code:
- member was not found (reason code SUPER.GEN.GEN.21)
- individual is no longer a member (reason code SUPER.GEN.GEN.22)
- member has a pending payment (reason code SUPER.GEN.RLVR.7).
Lost member reporting
You are required to assess the lost status of your members at least twice a year:
- on or after 31 December but before 30 April. If there’s been a change in the member’s ‘lost status’ account attribute, report that information by 30 April
- on or after 30 June, but before 31 October. If there’s been a change in the member’s ‘lost status’ account attribute, report that information on or before 31 October.
Can’t meet your reporting obligations?
If you’re unable to meet your obligations, you can request a deferral using the Super Enquiry Service.
For more information, see Unclaimed superannuation money protocol, Lost members register – protocol, and Lodgement and payment dates on weekends or public holidays.
If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.
