Funds that are transferred from Eligible Rollover Funds (ERFs) to the Australian Taxation Office (ATO) are now required to be proactively reunited with a member’s superannuation account, or directly with the individual, where eligible, within 28 days.
The Morrison Government passed the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 on 25 February to help reunite members with more of their lost super and to reduce the number of duplicate super accounts.
A joint announcement by the Treasurer Josh Frydenberg, and Minister for Financial Services, Superannuation, and the Digital Economy, Jane Hume, said the ERFs were intended to act as a temporary measure for members who lost their super accounts but that members’ money “languished” in ERFs for years.
“These improvements complement the Morrison Government’s Protecting Your Superannuation reforms, which have seen the ATO reunite superannuation accounts with their members at a rate far exceeding anything previously achieved by ERFs,” it said.
“As of December, 2020, the ATO has proactively consolidated $3.7 billion held in unintended multiple accounts on behalf of almost two million people.”