Claim your lost Superannuation

Claim lost super from Inactive Superannuation Accounts Inactive superannuation accounts with balances of up to $3,000 are set to be reclaimed by the Australian Taxation Office (ATO). This could mean that any life insurance cover you have within these accounts will no longer be available to you. As part of the Superannuation changes announced last week there are to be increases to the account balance threshold used by the ATO to recover lost or unclaimed super. Currently, only inactive super accounts with balances of less than $1,000 are transferred. From 1 July 2013 this threshold will increase to $2,000, with further increases planned from 31 December 2015 ($2,500) and 31 December 2016 ($3,000). According to the ATO, a member is considered uncontactable if the fund has not received a contribution or rollover for them within the last 12 months and either: The fund has never held an address for the member Two written communications have been returned unclaimed. Note that if one written communication has been sent to the last known address and returned unclaimed, the trustees may choose to class the member as un-contactable For a member to be considered inactive, the individual must have joined the fund as a standard employer-sponsored member more than two years ago and there cannot have been any contributions or rollovers for them within the past five years. Any Life insurances you hold within these unclaimed accounts will be lost as well. To find your lost Super have a look on the ATO site below: http://www.ato.gov.au/individuals/content.aspx?doc=/Content/33301.htm Share...

Latest reforms to Superannuation

Highlights Cap the tax exemption for earnings on superannuation assets supporting income streams at $100,000, with a concessional tax rate of 15 per cent applying thereafter, and apply the same treatment to defined benefit funds [currently no cap]; Simplify the design and administration of the higher concessional contributions cap; Reform the treatment of concessional contributions in excess of the annual cap; Extend the normal deeming rules to superannuation account-based income streams; Extend concessional tax treatment to deferred lifetime annuities; Further reform the arrangements for lost superannuation; and The Government will simplify the design and administration of the proposed higher concessional contributions cap, by providing an unindexed $35,000 concessional cap to anyone who meets certain age requirements [currently $25,000]. The Government will encourage the take-up of deferred lifetime annuities (DLAs), by providing these products with the same concessional tax treatment that superannuation assets supporting income streams receive. This reform will apply from 1 July 2014. [provides a potential new product for Challenger. DLAs provide a fixed income stream over the life of the policy holder, these are currently not offered by Challenger]. FULL MEDIA RELEASE BELOW THE HON WAYNE SWAN MP DEPUTY PRIME MINISTER TREASURER THE HON BILL SHORTEN MP MINISTER FOR EMPLOYMENT AND WORKPLACE RELATIONS MINISTER FOR FINANCIAL SERVICES AND SUPERANNUATION *** JOINT MEDIA RELEASE *** REFORMS TO MAKE THE SUPERANNUATION SYSTEM FAIRER The Gillard Government today announced reforms to improve the fairness, sustainability and efficiency of the superannuation system. Labor is the party of superannuation – we established it, we have nurtured it and grown it, and we will protect it. Because of past and present Labor Governments,...