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Payment of low balance inactive accounts to the ATO

Parliament has recently passed new laws defining inactive super accounts and when they must be transferred to the Australian Taxation Office (ATO), in order to help reunite them with members’ active super accounts. This change aims to prevent members with low account balances and multiple accounts from having their super savings eroded by fees.

What are my options?

If we have contacted you to advise that your account is inactive and will be transferred to the ATO and you do nothing, it will be transferred automatically to the ATO. The ATO will then be able to try and reunite it with any other active super fund you may have.

Alternatively, you can keep your account with Sunsuper by taking one of the below actions. Before you decide what to do, it’s important to consider your circumstances, financial situation and needs. We encourage you to compare us with your other super fund(s) to see how we stack up.

If you do decide to stay with Sunsuper, you should consider combining any other super accounts you have into Sunsuper, and redirecting any employer contributions. Before taking either of these steps, make sure you consider the impact on any insurance cover you have. You should also consider any exit fees that may apply.

Here's how you can stay with Sunsuper

The easiest way is to simply let us know that you want to stay with Sunsuper, and we’ll pass this information on to the ATO on your behalf.

or

You can take one of the following actions:

What are low balance inactive accounts?

Super-savings accounts will be classed as low balance inactive accounts where the balance is under $6,000 and the member has not, in the previous 16 months:

  • Received a contribution, rollover or automatic transfer from another fund,
  • Made an investment choice,
  • Changed their insurance cover,
  • Made or amended a binding beneficiary nomination, or
  • Provided written notice to the ATO or to Sunsuper that they do not wish for their Sunsuper account to be transferred.

If your Sunsuper account meets this definition and remains inactive, we MUST transfer your account to the ATO.