On 1 July 2019, the government’s Protecting Your Super package introduces new laws designed to protect members from paying unnecessary fees and insurance premiums.
The changes could mean that if your account remains inactive for 16 months it will be transferred to the Australian Tax Office (ATO) if your balance is less than $6,000.
To stop your super account being transferred to the ATO, simply click the button below. This will authorise us to notify the ATO that your super account is active and you would like to keep it with us.
What are the new rules and do they affect me?Show more
Inactive low-balance accounts will be transferred to the ATO.
Your account is an inactive low-balance account if it has not received any money (contributions or rollovers) for 16 months or more, and it has a balance less than $6,000. If your account has been inactive for 16 months or more on 1 July 2019, you are under age 65 and your balance is less than $6,000, then your inactive low balance account will be transferred to the ATO by 31 October 2019 as ‘unclaimed super’
Where possible, the ATO will try and consolidate this balance into an active super account if you have one.
How do I know if I have an inactive low-balance account?
To check if your account is inactive, log in and go to your transaction listing. All transactions will be listed on this page so look for the last date of a contribution (either yours or your employer’s) and rollovers from other funds.
To check your account balance, you can log in to your account online. Keep in mind your balance changes from day to day.
What happens if my account goes to the ATO?
If you don’t have another fund, then your account will be managed by the ATO. The ATO won’t charge fees but any interest you earn will be based on the consumer price index, which will probably be less than the investment returns earned by your super fund.
If you have an active account with another fund, you need to think about which fund you want to be in before your account is transferred. This means comparing things like benefits such as insurance, fees, investment options, performance, and support services. Choosing the right fund can make a big difference to your retirement savings. or
What do I need to do to stay with First State Super?Show more
There are four ways to reactivate your account with us and stop it being transferred to the ATO.
1. Notify the ATO
You can authorise us to notify the ATO that you are not a member of an inactive low balance account.
Alternatively, if you would prefer to send us the information in the post download the form and send back to us.
2. Make a contribution to your account
Biller code: 736850
3. Combine your super into your account with us
Use our find and combine tool to combine any super you have with another fund into your account with us.
4. Opt in to keep your insurance cover (if you have insurance)
You can opt in for insurance cover by either:
- filling in the Insurance opt-in election form and mailing it to us.
By opting in, you’re choosing to keep all your insurance. If you only want to keep some of your insurance, you should opt in and then call us to cancel any cover you no longer need.
5. Make or change a binding beneficiary nomination
Find out more about the