The Government on Mon 16.12.2013, released for consultation Exposure Draft – Tax and Superannuation Laws Amendment (2014 Measures No 2) Bill 2014, that proposes to increase the account balance threshold, above which lost and inactive superannuation accounts must be transferred to the Tax Office. Currently, small lost superannuation accounts with balances of less than $2,000 must be transferred to the Commissioner. The draft legislation seeks to give effect to the Coalition’s announcement on 6 November 2013, to proceed with the former government’s proposal to increase the lost member small account threshold in 2 stages. The account threshold is proposed to be increased from $2,000 to $4,000 on 31 December 2015 (and to $6,000 from 31 December 2016).
SUBMISSIONS are due by 3 February 2014.
[LTN 243, 16/12/13]