Superannuation holding accounts (SHA) special account

How can I transfer my SHA special account balance to my super fund or retirement savings account?

To transfer your SHA special account balance to a super fund or retirement savings account, you must:

1. complete the authority attached to your account statement
2. detach the authority and give it to your super fund or retirement savings account provider to make a claim on your behalf.

If you have lost your account statement, contact us on 13 10 20 to request another copy.

We will only transfer whole account balances to your super fund or retirement savings account. We cannot transfer partial balances. If your account balance includes super co-contributions, your balance can only be transferred to a super fund or retirement savings account provider that can accept these contributions.

We may also transfer your SHA special account balances to a super fund or retirement savings account if we identify a super account in your name.

The SHA special account is not a super fund, so transferring your balance to your super fund or retirement savings account is not a roll-over. When your balance is transferred to your super fund or retirement savings account, the amount will generally be treated as an employer contribution and taxed at that stage. No tax is payable on your super co-contributions transferred.

Can I withdraw my SHA special account balance?

You or your legal representative can withdraw your SHA special account balance if you:

• have retired due to permanent disability
• are 65 years of age or over
• have received specified Australian Government income support payments for a certain period, depending on your age
• have an account balance of less than $200 and your employment with the employer that made the deposit has ceased (this category is not available if your account balance includes super co-contributions)
• are at least 55 years of age, and
• you are not a resident of Australia for income tax purposes, and
• you are not employed (or are employed but the duties are performed wholly or principally outside Australia)
• were a holder of a temporary resident visa that has expired or been cancelled and have left Australia, or
• are the legal representative of the account holder, who is deceased.

For more information on direct payments from the SHA special account and the tax applicable to these payments, refer to Superannuation Holding Accounts (SHA) special account – direct payment.