Australian Treasury looks to ID A$18.8bn in lost accounts

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AUSTRALIA - The Australian Government has proposed super funds use tax file numbers (TFNs) to identify members' accounts to help recover the ‘lost' A$18.8bn ($19bn) in superannuation assets.

The draft legislation, known as SuperStream, will enable funds to use the TFN to identify member accounts from 1 July 2011. If passed, the initiative could save up to 25% on superannuation administ...

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