The Government will strengthen the ATO-led consolidation regime by requiring the transfer of all inactive superannuation accounts with balances below $6,000 to the ATO to protect them from further erosion.
The ATO will expand its data matching processes to proactively reunite these lost and low balance super accounts with the member’s active account, where possible. This measure will also include the proactive payment of funds already held by the ATO. The majority of accounts transferred to the ATO are expected to be reunited in the year they are received.
The new ATO system is expected to send $6 billion of super back to 3 million members’ active super accounts in 2019-20.
Date of effect
These changes will take effect from 1 July 2019.
Source: Budget Paper No 2 [p 35]; Minister for Revenue and Financial Services, media release, 8 May 2018