• Superannuation statement of account – individuals

    You may receive a statement of account (SOA) for super amounts we hold on your behalf.

    Your SOA provides a summary of all activities on your ATO super account, including:

    • transactions processed during the statement period
    • your current account balances
    • interest debited or credited to your account
    • any amounts due and payable for each superannuation type within your account.

    Find out about:

    Purpose of the statement

    A statement of account (SOA) provides a summary of all activities on your account for a specified period. The SOA helps you manage your tax and super obligations and reconcile your account activities. It also assists you when preparing your tax return.

    Why we send an SOA

    The SOA relates to your super account as a whole, similar to a bank account, although it is not a running balance. Each role under your super account has a separate transactional history and balance.

    We may send a super SOA for any of the following reasons:

    • a direct payment has been made to you from one of the roles under the super account
    • an overpayment has been made direct to you from one of the roles within your account and we are requesting that you repay this amount
    • you have incurred a penalty
    • an offset has occurred
    • we have determined a super entitlement, such as co-contributions, low income super contribution (LISC) and from 1 July 2017 low income superannuation tax offset (LISTO) and it has not yet been distributed to a super fund on your behalf
    • we have received a super entitlement from a third party, such as an employer or super fund and it has not yet been distributed to a super fund on your behalf
    • we have received a request for an SOA.

    How you receive an SOA

    If we issue an SOA in conjunction with a letter, we usually send them in the same envelope. You may receive a SOA without a letter at times throughout the year, especially if you have a debit balance on your account.

    If we send two or more items of correspondence for the same taxpayer to the same address on the same day, we aim to place all items into one envelope – this may include copies of client correspondence we send to your tax agent. However, consolidating correspondence into one envelope may be overridden by legislative requirements in certain circumstances.

    Understanding your statement of account

    This section provides information about the different elements of your statement of account (SOA).

    Statement header

    The header of the SOA contains details identifying you (for example, your tax file number) and the period of the statement. There is also a unique ‘Our reference' number that you can quote when making an enquiry.

    We include our web address and phone number in case you need more information or help.

    Summary of your statement

    If you have multiple roles within your super account, this section provides a summary of all the roles and their current balances. A separate transaction list for each role will be itemised.

    You may have both debits and credits appearing in this section and you should refer to the transaction list(s) for each role for further information.

    Each role refers to a separate super product – for example, co-contributions, LISC for contributions made in 2012–13 to 2016–17 financial years or LISTO for contributions made in the 2017–18 financial year onwards, superannuation holding account (SHA), super guarantee (SG) and unpaid super money. The transactions are reported on a separate page of the statement of account.

    Because each role is reported separately, one role can be in credit while another could be in debit. We will only offset roles against each other where superannuation legislation allows us to do so.

    In most cases, the credits and debits are in relation to payments and recoveries to or from your super fund. If you have nominated more than one super fund for different products, the credits and debits may also relate to different super funds.

    When a debit balance is reported on any role, payment may not be required by you. If a payment by you is required, we will issue a separate notice.

    Payment slip

    The payment slip is to be used with a payment if you are required to repay super-related debt.

    Process date and effective date

    • The process date is the date that we processed a transaction.
    • The effective date is the date we use for the calculation of general interest charge and other penalties or interest. It is also the due date of any liabilities.

    Refund cheque or EFT details

    Your statement may be issued with a refund cheque or details of electronic funds transfer (EFT). The cheque is protected with an ultra violet fluorescent ink which can be verified under an ultra violet light.

    Statement transactions

    The statement only lists those transactions that we processed on your account for the period shown. Any transactions processed earlier that are due and payable within this period are included in the opening balance.

    Your statement may not cover all your dealings with us. For example, you may have amounts outstanding in relation to other accounts or current legal, release or dispute actions.

    You can find out the current balance of your account and details of other accounts by phoning us on:

    • 13 28 61 for individuals
    • 13 28 66 for business.

    Transaction list

    The transaction list or lists in your SOA provide details of all the credits and debits applied to your superannuation roles for the statement period.

    If the transactions in the list(s) do not fit on page 1 of the SOA, they will carry over to page 3 and subsequent pages, depending on how many transactions are processed during the statement period.

    A debit amount is an amount debited to your account such as a penalty, refund, or an overpayment waiting to be paid by your super fund. If the overpayment has been paid directly to you, you will receive a separate letter advising you of this.

    A credit is an amount credited to your account such as credit interest, payment or an amount waiting to be paid into your super fund.

    The closing balance may be a credit amount (CR), or a debit amount (DR). The closing balance may also be $0.00.

    See also:

    Making a payment

    Use the payment reference details to make a payment. This ensures that the amount is applied to the correct sub-accounts (for example, co-contribution recovery).

    If you don’t use the payment reference details, we will allocate the amount to one of your debts according to a payment hierarchy; this may not be the debt you wanted to pay. If your payment results in a credit on one of your sub-accounts we do not automatically use this credit to pay a debt on another sub-account.

    Methods of payment

    When you make a payment to us, you can pay by BPAY or electronic funds transfer (EFT).

    You need to specify which sub-accounts you are paying by using the payment reference details below. If you don’t, we will allocate the amount to one of your debts according to a payment hierarchy and this may not include the debt you wanted to pay.

    BPAY details for Unclaimed Super Money

    Biller code

    75556

    Customer reference number

    123 00123 456 789 1234

    Return payment details for Unclaimed Super Money

    Return payment EFT code

    123 00123 456 789 1234

    BSB number

    093 003

    Account number

    316385

    Account name

    ATO deposits trust

    See also:

    General interest charge (GIC)

    The general interest charge (GIC) only applies to certain unpaid superannuation debts. If GIC has been applied, details are included in the transactions list on your SOA, for the relevant role.

    Where any amount is not paid by the due date, GIC accrues on the outstanding balance until the entire amount has been paid. Interest is calculated on a daily compounding basis. GIC is currently imposed at a rate of 9.63% per annum (reviewed every three months). The GIC is tax deductible in the year that it is incurred.

    You can request remission of GIC. We may remit the GIC if satisfied that the delay was due to circumstances beyond your control and you took reasonable steps to lessen the effects of those circumstances. We may also remit GIC in other circumstances where this would be fair and reasonable.

    Interest credited to your superannuation holding account (SHA) special account in this statement period, if payable, is only paid on the first $1,200.

    First home saver account (FHSA) government contributions, and any interest on these contributions, are not included as income on your tax return.

    Protecting your privacy

    If you phone us, we need to know we're talking to the correct person before providing account information. We will ask you for details only you, or your authorised representative, would know. It will be helpful if you have your tax file number (TFN) or Australian business number (ABN) ready when you phone us.

    Having trouble paying?

    If you're having difficulty making your payment by the due date, phone us on 13 28 61 for individuals or 13 28 66 for business to discuss options.

    Glossary

    Your statement of account may include some of the following terms and abbreviations.

    Co-cons

    Co-contributions – A payment made by the government to boost super savings of an individual who has made eligible personal contributions to their super.

    FHSA

    First Home Saver Account – a tax effective way for eligible Australians to save for a first home through a combination of government contributions and low taxes.

    LISC

    Low income super contribution – a government super payment to help low-income earners save for retirement. The LISC policy has been repealed as from 1 July 2017. LISC will be paid in relation to eligible concessional contributions made in the 2012–13 to 2016–17 financial years, with final determinations for LISC made by 30 June 2019.

    LISTO

    Low income superannuation tax offset - a government super payment to eligible individuals that will generally ensure low income earners do not pay more tax on superannuation than their take-home pay. LISTO will apply to concessional contributions made from 1 July 2017.

    SG

    Super guarantee – a prescribed minimum level of super that an employer must contribute on behalf of employees. The ATO administers the Super Guarantee Act, ensuring employers meet their obligations to employees.

    SHA

    Superannuation holding account – money placed in a temporary holding account administered by the ATO pending transfer to an appropriate super fund.

    USM

    Unclaimed super money – An accumulated super benefit transferred to the ATO from an inactive account, which is immediately payable. Can also apply to accounts for a former temporary resident and a small or insoluble lost member.

    Aggregation

    At periodic intervals all of a fund’s individual member’s credits are sent to the super fund along with payment details of each member. This payment to the fund is called an aggregation.

    Aggregated transfer to provider

    Occurs after aggregation when a client’s credits are transferred to a funds or an individual or trustee.

    Aggregated transfer from individual

    When an individual has a credit – and they are not entitled to receive the super money directly – it is sent from the individual’s account to their super fund account.

    Aggregation to individual

    When an individual has a credit – and they are entitled to receive the super money directly – it is sent to the individual and not to their super fund account.

    Child

    The term 'child’ refers to a type of form used by the ATO that has both a ‘parent’ and ‘child’ section. It is used when information on the form relates to more than one client. The ‘parent’ section relates to a super fund while the ‘child’ section relates to the fund member.

    Credit interest

    The ATO pays interest if we are late paying contributions to the super fund.  The transfer is late if it occurs more than 60 days after we have all the relevant information required to calculate the entitlement. Interest will also be applied to most USM claims paid after 1 July 2013.

    Credit offset

    A credit which has been offset against another debt.

    Credit transferred in from superannuation

    Occurs when a payment has been transferred from another ATO account into a customer's super co-contribution account.

    Credit allowed for stale refund cheque

    After 15 months, a cheque that has not been presented, replaced or cancelled will be pronounced stale. The amount of the cheque will be credited back to a client’s account.

    Distribution from employer

    The super guarantee entitlement received from your employer.

    General interest charge (GIC)

    GIC is an interest charge imposed where there is a late payment of a tax debt. GIC is only applicable to certain unpaid superannuation debts.

    Original co-contributions

    The original co-contribution entitlement.

    Payment variation advice (PVA)

    A statement used by super funds in two different situations:

    • providing information when returning a payment/remittance from the ATO that cannot be accepted and credited to a member’s account
    • advising that a recovery notice issued to the fund, requiring a payment of a previous remittance, cannot be satisfied and why

    Payment dishonour

    A payment which has not been credited to the account due to insufficient funds.

    Payment reversal

    The payment has been removed the account as if no payment had been made.

    Repaid refund

    Occurs when a refund is repaid into the account, usually when a cheque is returned to us unclaimed.

    Reference to date of ’31 Dec 99’

    This is displayed in this way to demonstrate the super account is active and has an open-end dated role. The period for the statement can be found in the statement of account header under ‘Statement period’. 

    Superannuation withholding tax

    Tax deducted from super payments made directly to an individual.

    ATO-initiated amended entitlement

    After we make a payment, individual tax return or income details may change – super funds may also send updated details. These events can change how we calculate entitlements and this may result in an increase or reduction in a previous payment calculated.

      Last modified: 16 Jan 2017QC 42379