14th Feb 2017
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'Lost' super legislation to be drafted by Nick Xenophon
Lost superannuation money on a table

Nick Xenophon has commenced the drafting of legislation that would force the Government to use ATO data-matching software to find the rightful owners of so-called ‘lost’ super.

Currently, the Government lays claim to ‘lost’ super accounts with balances of less than $6000, labeling the cash as revenue, until such time as it is claimed by its rightful owner. While the money doesn't accrue investment returns, it does rise at the rate of inflation. A super account is deemed lost if the owner cannot be contacted for a period of 12 months.

The threshold for lost super accounts has gradually increased from $2000 in 2012, to $4000 and then to $6000 on 1 January 2017. The revenue, held by the Australian Tax Office (ATO), totals $2.5 billion from 4 million accounts.

Nick Xenophon is planning to push the Government to use the ATO’s data-matching software to pay money into accounts rather than wait for the cash to be claimed.

Mr Xenophon’s proposed legislation matches the request made to Treasurer Scott Morrison by the Association of Superannuation Funds of Australia (ASFA).

While the Government cannot afford to lose this stream of revenue, its precarious position in the Lower House, especially in light of Cory Bernardi’s defection last week, means that it can ill-afford to have Mr Xenophon and his Team offside.

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    COMMENTS

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    Sundays
    14th Feb 2017
    11:35am
    This idea makes perfect sense. Many people are unaware of lost Super, or find it too hard to track down. The Government should put its Data Matching Software to good use and 'boost the retirement savings of Austrlians
    mike
    14th Feb 2017
    12:40pm
    Good on Nick, I bet bastard Hockey would have liked to get his rorting hands on lost super if he could
    bob
    15th Feb 2017
    3:56pm
    it is an idea that most pollies brains would never have thought of.they can work out how to take it but not how to return it,with all the matching that centrelink is doing now with the ATO you can bet they are ignoring any underpays.


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