Loading... Please wait...


I was treated as valuated customer when I have been there for tax return. I recommend to use Tiwari Business Services for accounting needs for all. - Michal    More>>



New online form to find lost super

Posted on 10th Jan 2012 @ 2:10 AM

The Assistant Treasurer has announced that the Tax Office would develop an electronic form for lost superannuation accounts to make finding lost super easier.

The new electronic form will allow fund members with lost super to request their benefits be transferred through a portal on the ATO website, making it simpler and easier for people to claim their lost super.

On 23 September 2011, the Government released draft legislation for public consultation that would amend the SIS Act and RSA Act to permit regulations to allow the ATO to administer the electronic portability form. The draft legislation is available on the Treasury website.

Key features of the proposed changes are:

  • Regulations may prescribe a scheme for electronic portability of superannuation benefits administered by the Commissioner.
  • The Commissioner would have general administration of the prescribed scheme and related TFN provisions. APRA would retain general administration of the portability arrangements.
  • The Commissioner will be able to request a fund member’s TFN for the purposes of the prescribed scheme.
  • The Commissioner will be able to disclose a member’s TFN to a fund trustee for the purposes of the prescribed scheme.
  • The Commissioner will be able to require the member’s TFN to be included on the transfer request.

Comments

Consultations will close on 14 October 2011 and comments should be sent to: The Manager, Benefits and Regulation Unit, Personal and Retirement Income Division, The Treasury, Langton Crescent, PARKES ACT 2600; Email: superamendments@treasury.gov.au. Enquiries should be directed to Frances McGee on (02) 6263 4011.

 

This article appeared in Thomson Reuters Weekly Tax Bulletin (30 September 2011).  Australia’s most comprehensive and informative tax news service, it covers, in clear terms, all tax and related developments from cases, new legislation, tax rulings and major announcements to detailed practitioner articles