Electronic Portability Form – web-based consolidation of super accounts

Draft legislation has recently been introduced to facilitate super members, who have identified lost super benefits via the SuperSeeker web facility, to simply email a pre-filled authority to the ATO requesting consolidation of their super accounts.

The ATO will be undertaking the task of verifying the identity of the person making the request, their entitlement to the lost accounts and the entitlement of the nominated receiving fund to accept the transfer of the lost accounts.  The paying fund and the receiving fund will simply rely on the instructions of the ATO at face value.

The ATO will only issue the consolidation instructions if it has sufficient information available to it to undertake the consolidation task. 

This change will commence on Royal Assent of the draft legislation.  A number of changes to the SIS and Tax Regulations may be required to fully implement this proposal.

The draft legislation is Tax Laws Amendment (2011 Measures No. 9) Bill 2011 which was introduced on 23 November 2011.