Superannuation becomes unclaimed money if: the recipient has reached the eligibility age of 65 years for both male and female; is eligible for some benefit (other than a pension) that is payable immediately from the fund; has left the account inactive for a period of at least two years; or, when the fund's trustee cannot contact the recipient.





Unclaimed money is also an amount payable in respect of a member of the fund if: the member has died; is eligible for a benefit (other than a pension) that is payable immediately from the fund; the account has been inactive for a period of at least two years; the fund is unable to ensure that the benefit will be received by the person who is entitled to the benefit.

If a super fund has any unclaimed monies, they are required to pay that money to the unclaimed money register applicable in their state. Superannuation funds are required to report and pay unclaimed money to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 unless the fund is required to report and pay unclaimed monies under an alternative State or Territory unclaimed money scheme.

To obtain information on reporting unclaimed monies, contact the authority in the state or territory in which your trust deed was first registered.

If your fund holds any unclaimed money and is required to report under the Superannuation (Unclaimed Money and Lost Members) Act 1999, the fund must lodge a statement of unclaimed money and pay the unclaimed money to the Commissioner of Taxation or to an alternative State/Territory authority.

Statements must be made by 31 October (for the six month period ending 30 June each year) and by 30 April (for the six month period ending 31 December each year).

Note: The information contained here were taken from
www.ato.gov.au/super