The transfer of your inactive, low-balance super accounts to the ATO
If your super balance is less than $6,000 on 30 June or 31 December each year, and the account is inactive², we’re now required to transfer your balance to the ATO. This doesn’t apply to pension and defined benefit accounts, or accounts that provide insurance cover.
When is your super account exempt from the ATO transfer?
The requirement to transfer super balances to the ATO doesn’t apply where:
- you hold a pension or defined benefit account;
- you’ve met a condition of release to receive your super benefit in cash (such as reaching age 65, or your preservation age if you’ve retired); or
- you receive insurance cover through your super account and you’ve provided us with a Choose to Keep my Insurance Cover form.
Also, if none of the above exemptions applies to you, your account may still be exempt from the ATO transfer if any of the following happened in the past 16 months:
- contributions or rollovers were paid into your account
- you changed your investment options
- you changed or elected to cancel your insurance cover (where your insurance cover is provided through your super account)
- you made or amended a binding beneficiary nomination
- you completed the ATO Authority Form or our authority form, asking that your inactive, low-balance account not be transferred³.
We’ll assess your super account every June and December to check whether it meets the inactive criteria. We’ll let you know if you are impacted before taking any action.
If you’re impacted and you don’t want your inactive, low-balance account sent to the ATO, you’ll need to complete the ATO Authority Form or our authority form and send it to us before the advised response date. We’ll also you send this form when we notify you about the transfer.
If we don’t hear from you by the response date, the money in your inactive, low-balance account will be transferred to the ATO. If you want your money returned, you’ll need to contact the ATO directly. You can instruct ATO where to send your account balance or you can wait for the ATO to consolidate the amount into your active account, which receives regular contributions. You will be able to view your account balance and find more information on the ATO website.