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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.

 

 

“Got any questions the FAA Team are here to help!”

John Hehir

 

 

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Important Disclaimer

The information in this article is general in nature and does not take into account your individual objectives, financial situation, or needs. It does not constitute personal financial, tax, investment, or credit advice.
Before making any salary packaging decisions:
  • Consult a registered tax agent for tax advice
  • Consult a licensed financial adviser for financial advice
  • Speak with your employer about your specific employment terms
FAA’s services:
  • General information and administration: Provided by FAA consultants
  • Financial advice: Provided by authorised representatives of Lifespan Financial Planning Pty Ltd (AFSL 229892)
  • Credit assistance (novated leasing): Provided by FAA Group under its Australian Credit Licence
While every effort is made to ensure accuracy, FAA makes no guarantees and accepts no responsibility for any loss arising from reliance on this content. Tax laws and salary packaging rules are subject to change.
John Hehir

John Hehir – Director

CEO and Director of FAA Group Australia. With more than 30 years of experience in financial services, John has helped over 20,000 Australians work towards their retirement goals through strategic financial guidance. His work spans residential property, investment property, and self-managed superannuation strategies, with more than $1 billion in assets guided under his leadership.

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