Transfer of inactive low balance accounts to the ATO
As of this week, super funds will be contacting those customers with inactive low balance super accounts, with no insurance, a balance between $200 to $6,000 and no contributions or rollovers made for at least 16 months.
100’s of 1000’s of customers will be contacted via mail, email or SMS to let them know that their accounts may be transferred to the ATO.
Super accounts generally must be transferred to the ATO if they have:
less than $6,000 balance
NOT been subject to any of the following actions over the last 16 months:
ocontributions or rollovers
ochanges to investment options
onew or amended binding beneficiary nomination
oa declaration by the member to the ATO or the fund that they do not wish their account to be transferred to the ATO as inactive low balance.
If you have an account that you do not want transferred to the ATO you can:
consolidate your super accounts using ATO online services through myGov
contact your super fund for more information
authorise your super fund to provide a written declaration to the ATO by completing this form. This link will download a file and sending it to your super fund
Contact your financial adviser
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