The Government announced in the 2012-13 Mid-Year Economic and Financial Outlook (MYEFO) an increase to the threshold below which lost superannuation accounts are transferred to the ATO from $200 to $2,000. At the same time the Government made it clear they would consult on additional ways to facilitate the process of reuniting members with their lost accounts.
On 5 April 2013 the Government announced that it will further increase the account balance threshold below which lost superannuation accounts are transferred to the ATO to $2,500 from 31 December 2015 and to $3,000 from 31 December 2016.
As part of this consultation process the Government has now released for public consultation the Lost and Unclaimed Superannuation Money Discussion Paper.
The discussion paper sets out current initiatives taken to reunite members with their lost superannuation accounts and seeks views on opportunities to enhance the existing suite of strategies and new strategies to both reduce the number of lost and unnecessary accounts and prevent the proliferation of these accounts into the future.