Taxes

Australian Government Claims Dibs On "Abandoned" Bank Accounts

Watch for a growing definition of "abandoned" accounts in the future

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MILLIONS of dollars in lost superannuation will be transferred to the taxman, under a move the government says will save members from paying unnecessary fees.

The government will collect an extra $675 million by lowering the threshold at which lost superannuation accounts are automatically moved to the Tax Office.

At present, super accounts of people who cannot be contacted are transferred to the Tax Office if they hold less than $200 and there have been no contributions for five years. From January, the threshold is $2000 and no contributions for a year or more.

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