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  • Protecting Your Super – how the new law may affect SMSFs

    The Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 introduces a number of reforms to protect individual's super savings from undue erosion by fees and unnecessary insurance.

    Super providers, excluding SMSFs and small APRA funds, will be required to report and pay inactive low-balance accounts to us as a new category of unclaimed super money (USM) for the first time by 31 October 2019. We will now be able to proactively consolidate eligible USM into eligible active super accounts, including SMSFs and small APRA funds, if an individual hasn’t requested a direct payment of this money or for it to be rolled over to a fund of their choice.

    While SMSFs won’t be required to report and pay inactive low-balance accounts, they may receive a rollover of consolidated USM for members.

    We’ll start proactive consolidation from November and notify individuals when we’ve consolidated their USM into an active super account.

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      Last modified: 09 May 2019QC 58838