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ATO seeks lost super strategy
The Australian Taxation Office (ATO) is seeking industry feedback on strategies to reunite members with their lost super.
The Lost and Unclaimed Superannuation Money Discussion Paper noted that existing strategies had contributed to reducing the number of "lost accounts", with the value of lost super held by funds falling by 17 per cent and the number of lost accounts falling by 32 per cent in the 12 months to 30 June 2012. It said ATO monies had increased by 18 per cent over the same period.
However, the ATO asked if the existing suite of initiatives, which included Super Seeker and moves to consolidate accounts under Stronger Super, could be enhanced, and if further initiatives could be implemented to reduce the number of lost and unnecessary accounts in the Australian superannuation system.
The ATO queried if some current processes, such as the employee enrolment process, were necessary. It requested the industry's assessment of the integration of strategies with regards to the Government's policy goal of ensuring members had adequate retirement savings within the current superannuation reform program.
In April, the Government announced it would increase the balance threshold for lost super accounts to be transferred to the ATO to $2,500 from 31 December 2015 to $3,000 from 31 December 2016 and said it would release a discussion paper as part of industry consultation.
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