The ATO has issued a reminder that certain changes in relation to involuntary roll-over superannuation benefits, introduced by the Tax and Superannuation Laws Amendment (2014 Measures No 7) Act 2015, start on 1 July 2015.
The changes ensure super fund members, depositors with an approved deposit fund, and holders of a retirement savings account are not disadvantaged where their benefits are involuntarily rolled over between super plans in the following situations:
- successor fund transfer
- compulsory transfer of an accrued default amount to a MySuper product in another super plan
- transfer to an eligible rollover fund.
The ATO has extended its current concessional compliance treatment until 1 July 2015 in relation to successor fund transfers.