Consolidating superannuation ato

13-Oct-2020 16:33

The new treatment of inactive low-balance accounts means affected members risk losing out on valuable insurance cover and future investment returns when the balance is transferred to the ATO and the account closed.As First Super has members who work in a range of high-risk occupations and who have families younger than white-collar sectors, for whom the insurance is valuable, we have concerns about this auto-consolidation move.From July 1 2019 superannuation trustees (they are the people who look after superannuation for members) must also ensure that super accounts that are “inactive” are not charged insurance premiums unless the member (that’s you) has agreed to them. This issue is especially significant for superannuation members who may have deliberately retained a duplicate superannuation account to keep the insurance benefits or are taking a career break of some sort and may have a low account balance or not be making regular contributions to the fund.On the plus side, these changes should have a big impact on our superannuation system.This approach can be completed by either calling your fund or completing the required forms on your fund’s website.

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These changes could significantly reduce the number of superannuation accounts in the system and reunite a lot of members with lost or forgotten accounts.Prices are down – but this shouldn’t be a surprise when some markets (namely Sydney & Melbourne) saw unprecedented hikes in recent years.The Government has made it easier to locate and consolidate superannuation funds in the past 12 months.Eleven months on from the first round of hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Commissioner Hayne’s final report has been released.

Last week’s hearings for the Royal Commission into Aged Care Quality and Safety, introduced the leaders of some of Australia’s peak bodies, unions, consumer organisations and the Secretary to the Department, Glenys Beauchamp. The 2019 Biotechnology Industry Position survey conducted by Ausbiotech and supported by Grant Thornton has revealed that new technologies across regenerative medicine and medicinal cannabis are disrupting the industry, and Australia's global strength in clinical trials continues to drive contributions to the economic and social fabric of the country.You might have seen some commentary in the media over the last month or so about low balance and “inactive” superannuation accounts and about insurance in super. Low balance accounts are accounts with a balance less than ,000.