The Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 has been enacted to facilitate the closure of Eligible Rollover Funds (ERFs) and to allow other superannuation providers to make voluntary payments to the ATO.
In the latest online update, the ATO said it can now proactively reunite these amounts with the rightful owners if an eligible active account can be determined.
“From 1 May 2021, superannuation providers can no longer roll over amounts to ERF,” the ATO said.
“On 1 June 2021, ERF trustees will need to identify accounts with balances below $6,000 and report and pay them to the ATO by 30 June 2021. All other accounts are to be reported and paid by 31 January 2022.
“Alternatively, trustees can choose to voluntarily report any accounts to us from 1 June 2021 up until the above due dates.”
For other superannuation providers, the ATO noted they can make voluntary payments to the ATO for certain amounts they hold for a member, former member or non-member spouse where they reasonably believe it would be in the best interest for the individuals.
For amounts to be reported as voluntary payments, it is understood that superannuation providers need to ensure the payments are not a reporting requirement under the Superannuation (Unclaimed Money and Lost Member) Act 1999.
“While these measures do not impose any new reporting obligations on SMSF trustees, there may be additional amounts being proactively consolidated by the ATO as a result of accounts being reported to us,” the ATO said.
“This will occur if the SMSF has been determined as the eligible active super account for the individual to whom the amount relates to.”
