The Australian Taxation Office is reminding superannuation funds they have less than three months before the 31 May deadline to transfer certain lost super accounts to the Australian Taxation Office.
Lost super under the requirements are defined as accounts that have not received a contribution for at least 12 months and have a value of $2,000 or less. The previous lost super account balance threshold was $200.
ATO Deputy Commissioner for Superannuation, Alison Lendon, said, “Lost super makes up around 15 per cent of all super accounts”.
“By having these lost accounts with low balances transferred to the ATO, it will be easier for Australians to find their savings and roll their money into one fund of their choice.”
Interest will be attributed to lost super held by the ATO but it will not be at the government bond rate but at an amount equivalent to the Consumer Price Index.
The lost super initiative, part of a policy change that critics say is merely a budget measure to boost government coffers, is however accompanied by enhancement of the ATO SuperSeeker website.
Lendon said, “People can reclaim their super money transferred to the ATO at any time just by nominating the super fund they want that money transferred to.
“Being able to find and transfer lost and ATO-held super money online using SuperSeeker is a big time-saver and importantly, people can do this in a secure environment”.
Lendon said consumers can minimise the chances of their super becoming “lost” by making sure their fund has their tax file number and letting them know if you change jobs, your address or your name.
By Alex Dunnin.