Your statement of account may include some of the following terms and abbreviations.
Co-contributions – A payment made by the government to boost super savings of an individual who has made eligible personal contributions to their super.
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.
Low income super contribution – a government super payment to help low-income earners save for retirement.
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.
Superannuation holding account – money placed in a temporary holding account administered by the ATO pending transfer to an appropriate super fund.
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.
At periodic intervals all of a fund’s individual member’s credits are send 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.
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.
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.
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.
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
A payment which has not been credited to the account due to insufficient funds.
The payment has been removed the account as if no payment had been made.
Occurs when a refund is repaid into the account, usually when a cheque is returned to the ATO 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 the ATO makes 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.
You may receive a statement of account (SOA) for super amounts that the ATO holds on your behalf. Find out why you received the statement and what you need to do.