✦ Plain-English Summary

Treasury Laws Amendment (Reuniting More Superannuation) 2020

What it does

This law makes it easier for people to find and recover lost or scattered superannuation accounts. It expands the rules about which types of super funds can receive money from unclaimed super accounts held by the government, so more of your lost super can actually be returned to you rather than sitting in a government holding account.

Why it matters

Many Australians have multiple super accounts from different jobs over the years, and some end up "lost" or unclaimed. This bill removes barriers that were preventing that money from being properly transferred back to you, meaning less of your retirement savings stays stuck in limbo.

Key details

• What changed: The law now allows "eligible rollover funds" to receive unclaimed super payments under new sections of the superannuation law (section 21E). Previously, these funds had limited ability to accept transferred money.
• When it started: The changes came into effect the day after the bill received Royal Assent in 2020.
• Who benefits: Anyone with unclaimed super accounts—particularly workers who've changed jobs multiple times and may not realize they have scattered super in different places.

Official Description

Amends the: Retirement Savings Accounts Act 1997 , Superannuation Industry (Supervision) Act 1993 and Superannuation (Unclaimed Money and Lost Members) Act 1999 to: facilitate the closure of eligible rollover funds by 30 June 2021; and enable the Commissioner of Taxation to reunite amounts he or she receives from eligible rollover funds with a member's active account; and Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to make consequential amendments.

Committee Referrals

Senate Standing Committee for the Scrutiny of Bills

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

No votes yet.

No votes were recorded for this bill.