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 you may receive 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.
Triggers for SOAs vary between each product. You may receive 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 or low income super contribution (LISC) 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
Where we issue an SOA in conjunction with a letter, we usually send them in the same envelope. However, on occasions this may not occur.
You may receive a SOA without a letter at times throughout the year, especially if you have a debit balance on your account.
In some circumstances, we send two or more items of correspondence for the same taxpayer to the same address on the same day, we will attempt to place all items into one envelope – this may include copies of client correspondence we send to your tax agent. Consolidating correspondence into one envelope may be overridden by legislative requirements in certain circumstances.