FAQs - Inactive low-balance accounts
Why is my account considered inactive?
Your account is considered inactive if:
- we haven’t received a contribution to your account for 16 months or more; and
- your account has a balance of less than $6,000; and
- you haven’t changed your insurance cover, switched your investments, made or amended a binding beneficiary nomination on your account or told us in writing that you don’t want to be transferred.
When will the transfer of my account to the ATO take place?AustralianSuper is required to report and transfer inactive accounts to the ATO twice a year on 31 October and 30 April.
Why are you transferring my account to the ATO?The legislation states that from 1 July 2019, inactive accounts must be transferred to the ATO.
What happens when my money is transferred to the ATO?
Within 28 days of receiving your money, the ATO will try to transfer it to your active super fund, if you have one. The ATO will only transfer your money to your active super fund if it will take your total balance to $6,000 or more. An active super account is defined as an account that:
- is held by a person who has not died
- in accumulation phase
- accepts government rollovers
- has received a contribution in the current or previous financial year
- the balance of the active super account after we initiate transfer of certain types of ATO-held super is equal to or greater than $6,000.
Is there anything I can do stop the transfer of my account?
Yes, you can stop the transfer of your account by taking one or more of the following actions:
- Making a contribution to your account.
- Changing an investment option.
- Changing your insurance.
- Changing or making a binding beneficiary nomination.
- Telling us in writing that you don’t want to be transferred by completing the Authorisation for ATO declaration form.
Taking one of the above actions will stop your account from being transferred for a period of 16 months. The best way to stop your account from being transferred in the long term is to make sure the account balance stays above $6,000 by making regular contributions.
Will my money be invested at the ATO?No, however when you claim your lost super, any interest due will be paid to you. Interest is based on the Consumer Price Index (CPI).
Will I keep my insurance cover?No, if your account is transferred to the ATO, you will lose any insurance cover you have. See more about what you can do to retain your insurance below.
Will I pay any fees?No, you will not be charged any fees by the ATO.
I’ve checked my account and I have over $6,000, why am I being transferred?Super funds are required by law to identify inactive low-balance accounts twice a year, on 30 June and 31 December. If your account balance was less than $6,000 on one of these dates, your account will be transferred on the respective transfer date (30 April and 31 October) if in the past 16 months you haven’t received any type of contribution into your account, changed your insurance cover, switched your investments, made or amended a binding beneficiary nomination on your account or told us in writing that you don’t want to be transferred. This will occur whether or not your balance has increased due to investment returns, investment credits and/or refunds.