The Government recently announced that it will further increase the account balance threshold below which lost superannuation accounts are transferred to the ATO from $2000 to $2,500 from 31 December 2015 and to $3,000 from 31 December 2016.

As part of this consultation process the Government has now released for public consultation the Lost and Unclaimed Superannuation Money Discussion Paper.

The discussion paper seeks views on new strategies to both reduce the number of lost and unnecessary accounts and prevent the proliferation of these accounts into the future.