18 December 2019

From 1st November, an estimated 2.6 million Australians could find a welcome gift from the ATO in either their bank account or superannuation account, thanks to some new changes to superannuation laws.

Designed to reunite people with their lost super, the changes mean people with inactive super accounts with balances of less than $6,000 can have that balance automatically transferred by the ATO into their active super account.

If the balance is less than $200, that sum will automatically be sent to their bank account, and if a person is aged over 65, the cash will be sent to their bank account regardless of the total.

For further information, visit the ATO website: https://www.ato.gov.au/Individuals/Super/In-detail/Growing-your-super/Inactive-low-balance-super-accounts/

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