Treasury has released an exposure draft of the Treasury Legislation Amendment (Spring Repeal Day) Bill 2015 which, amongst other things, will amend the Superannuation (Unclaimed Money and Lost Members) Act 1999 and other superannuation laws to enable the Commissioner of Taxation to pay superannuation account balances of less than $200 held in respect of lost member accounts directly to individuals with a terminal medical condition and to remove the requirement for superannuation funds to lodge a separate lost members statement with the Commissioner on a twice yearly basis.

A terminal medical condition exists in relation to an individual if two registered medical practitioners, at least one of whom is a specialist; have certified that a person suffers from an illness or injury that is likely to result in their death within the certification period of 24 months or less.

The amendments will commence on 1 July 2016.

The Government has also announced it intends to introduce and pass the Tax and Superannuation Laws Amendment (2015 Spring No. 1) Bill Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill 2015 in the current sittings of Parliament.

The Bill will increase the threshold at which superannuation funds transfer lost member superannuation accounts to the Australian Taxation Office from $2,000 to $6,000.