Do you have an inactive super account? Keep it with First Super.
Do you have an inactive super account? Keep it with First Super.
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Inactive super accounts

Stop your super being transferred to the ATO

Inactive super accounts are at risk of being transferred to the ATO unless you take action.

What is an ‘inactive super account?’

This is a super account where the balance is below $6,000 and has not received a contribution for 16 months.

Under government laws to stop low balance super accounts from being eaten away by fees, inactive superannuation accounts will be transferred to the ATO.

Four simple ways to keep your super with First Super

Don’t want your account to be transferred? It’s easy to keep your savings with First Super. Just take one of the following actions.

1. Tell your employer

To pay your super into your First Super account. Complete the Choice of Fund form to make this happen.

2. Make a voluntary contribution

To your account through firstonline or fill out the Contribution form to make this happen.

3. Combine your super accounts

Into one account and you’ll save paying multiple account fees.* Log into your firstonline account to find and combine your accounts online with First Super. It’s quick and simple.

4. Complete an ATO declaration form

To keep your account active for another 16 months by completing the ATO Declaration Form.

*Before making a decision to combine your super you should consider any costs, change to insurance cover, or loss of benefits that may apply and consider consulting a financial adviser.

 

What happens if My Super Account is transferred to the ATO?

PROS

  • Combined accounts
    The ATO will try to track down an active super account that you are making contributions into and roll your First Super savings into this account.
  • Fees
    You won’t pay any fees on ATO-held amounts, so your balance won’t be reduced. Stay with First Super and combined fees are capped at 3% of account balance for balances under $6,000.

CONS

  • Low investment returns
    If the ATO can’t find another super fund, they will hold onto your super. Your retirement savings will not benefit from investment returns typically achieved by super funds. Instead, you will earn interest based on the Consumer Prices Index (CPI), also known as the rate of inflation. We delivered returns of 9.44% for our Balanced option in 2022/23 and over the last ten years the average return has been 7.83%1.

Why should I stick with First Super?

  • Long-term performance. In 2022/23 we delivered a 9.44% return for our Balanced option1.
  • We’re an Industry Super Fund. Our profits go straight back to members, not shareholders.
  • Affordable insurance through your super account which can protect you and your loved ones.
  • Competitive fees, so more money goes towards your retirement savings.
  • Service to members, including local coordinator support and financial advice included in your fund membership

FAQS

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We’re here to help. So let’s talk.

If you have any questions, simply call our Member Services  on 1300 360 988, or email us.

1 Past performance is not an indicator of future performance.