Changes that may impact your low balance super account
Under the new ‘Protecting Your Super’ law, inactive low-balance super accounts will be automatically transferred to the Australian Taxation Office (ATO).
Your super will generally be transferred if:
The balance is under $6,000
It has no insurance cover; and
There have been no contributions, rollovers or specific transactions in the previous 16 months.
Specific transactions include a change to your investment options, a change to your insurance cover or the establishment or change to your binding nomination.
If you wish to keep your super account and not have it transferred to the ATO:
Complete and sign a ‘Keep my inactive low-balance’ form with your relevant super fund, or
Make a contribution or rollover to the account, or
Process one of the specific transactions noted above.
If your super is transferred to the ATO you won’t pay any fees on your balance and the ATO will attempt to consolidate the account with an active super account (if one exists).
You can view your super account balances online through your myGov portal.
The intention of this document is to provide factual information and does not take account of your personal objectives, situation or needs. It is not our intention that this document constitutes financial product advice. McMillans Pty Ltd is not licensed to and has not intended to provide financial product advice under the Corporations Act. You should consider seeking financial product advice from the holder of an Australian Financial Services License before making a decision on a financial product. Specific product advice can be provided by our licensed entity McMillan Financial Planning Pty Ltd AFSL 239645.