09 May 2019 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. The ATO 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.
Find out more here.