Brendan McAllister and Lisa Kirk are authorised representatives (AR318424 and AR1004668) of Prestige Wealth Management Pty Ltd.
ABN: 93 409 856 975    AFSL: 478891

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Cash Payouts from the ATO 

5th November 2019 

Surprise cash payouts from the ATO could reach your bank account, from today.

Thanks to new changes to superannuation laws introduced from July this year, the ATO are putting a strong emphasis on reuniting Australian’s with their lost superannuation accounts.

To put it simply, people with inactive super accounts that have balances less than $6,000 can have their money transferred into an active super account, instantly.

Even better, if the balance is less than $200 it will be automatically transferred into their bank account! And if you’re amongst the lucky few over sixty-five, inactive balances from $10 - $6,000 will be transferred straight to your bank account… happy days.

Most of these payments will be made before the end of November 2019. The law change means that people who have entered default policies over the years and forgot about them, will no longer lose out on their hard-earned money.

What do you need to do?

Nothing.

Glen McCrea, the Deputy CEO of the Superannuation Fund Association said in a recent statement “Those who are eligible receive money, do not need to do anything to claim it, and it will include an interest component set to the consumer price index”

Where possible the ATO will notify people if they have been made a payment, therefore it is important that your bank details and contact information are up to date in the ATO online, and can be accessed by MyGov

 

Source: Carey, A 2019, ‘Tax Office to Return Money From Inactive Super Accounts from Friday, The Courier Mail Business, Australia, Accessed 30th October 2019

 

<https://www.couriermail.com.au/business/tax-office-to-return-money-from-inactive-super-accounts-from-friday/news-story/41b5248148625f0bd89bd59352cdb5c6>