As at July 1st, 2019 the Australian Government changed the laws regarding superannuation funds.
If you have any superannuation funds that meet the following criteria, the balance will have been sent to the Australian Taxation Office (ATO):
- no contributions have been received by your fund within the last 16 months
- the account balance is less than $6,000
- you have not met a prescribed condition of release
- the account is not a defined benefit account
- there is no insurance on the account
- the account is not held in a self-managed super fund (SMSF) or small Australian Prudential Regulation Authority (APRA) fund.
What does this mean for you? You could have Super funds sitting in an account, eroding in fees and not working efficiently towards your retirement.
To help your super work for you, it is recommended that ALL of your monies are together in the one Super fund, paying one set of fees, with an investment option that is suitable for you and your retirement plan.
How can I consolidate my super, and ensure I don’t have any superannuation monies held by the ATO? Login to your myGov account, go to the ATO link and click on the ‘Super’ tab. This will show all of your superannuation funds. From here, contact your financial adviser to see if it is in your best interest to consolidate your super fund, and/or assess if your current fund is working to achieve your goals.
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