Australians soon may be able to transfer their lost superannuation accounts electronically instead of completing paper forms. Legislation introduced into the House of Representatives today will change existing laws to make it simpler for members of lost superannuation fund and retirement savings account holders to consolidate their benefits.
Known as the electronic portability form, it will allow members reported as lost by their superannuation funds to request the transfer of their superannuation benefits through the Australian Tax Office (ATO). The changes would reduce the amount of lost superannuation estimated to be $20.2 billion in about five million accounts as at June 30, 2011, Assistant Treasurer Bill Shorten said.
Source: news.com.au
