Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten has announced draft legislations to utilise TFNs to assist with finding lost super from 1 July 2011.
Currently members supply their TFN to their fund, however it cannot be used as the primary identifier of their accounts or to assist with consolidation of accounts between and across funds.
The proposed legislation will expand the use of TFNs and is one of a number of Government initiatives to speed up back-office superannuation processing, known as SuperStream.
The draft legislation can be viewed at strongersuper.treasury.gov.au. Consultations closed on Thursday 17 February 2011.