Why millions of Australians get a surprise injection from the Australian tax authorities – just in time for Christmas
- More than 2.6 million Australians receive an early Christmas gift from the ATO
- Those with less than $ 200 in an inactive super fund will be paid the cash directly
- Balances between $ 200 and $ 6,000 are transferred to active super accounts
- The financial boost only applies to super lost under $ 6,000, says the ATO
Christmas comes early for millions of Australians with a surprise boost on their bills next month.
The Australian tax authorities (ATO) will transfer millions of lost superannuation to the bank accounts of one million people next month, while another 1.6 million get a boost for their active super accounts.
Those with less than $ 200 in an inactive super fund, or older than 65, will transfer the money directly to their bank accounts.
For those with balances between $ 200 and $ 6,000, the ATO will transfer the money to their active super fund automatically.
Superannuation accounts of more than $ 6,000 are not automatically transferred.
Millions of Australians receive an early Christmas present from the ATO (stock image)
The welcome cash boost for many Australians is the result of recent changes to superannuation laws.
The ATO has recently started collecting lost money from superannuation companies and will start transferring the money to accounts from 1 November.
The process is expected to be completed by the end of November and only applies to super lost under $ 6,000.
& # 39; If a member has more than $ 6,000 in a lost account, it is not & # 39; inactive account with a low balance & # 39; but it can meet other categories of unclaimed super money & # 39 ;, an ATO spokeswoman told Daily Mail Australia.
& # 39; It must then be transferred to the ATO. As soon as it is received by the ATO, we will try to proactively reunite it with an active account. & # 39;
Australians with less than $ 200 in lost super or older than 65, will see a cash boost in their bank account in the coming weeks (stock image)
Association of Superannuation Funds of Australia Deputy CEO Glen McCrea sees recent changes as an opportunity for Australians to get in touch with their super & # 39 ;.
& # 39; For many Australians, it is the second biggest asset outside the family home & # 39 ;, he said.
He added that the ATO could also pay interest on super amounts.
& # 39; On higher balances that have been held by the ATO for several years, this interest amount can be substantial, & # 39; McCrea said.
He estimates that more than 10,000 transactions will include cash in the tens of thousands of dollars.
At least 2.6 million Australians will soon be reunited with lost superannuation (stock image)
The ATO had about $ 3.9 billion from holding five million super accounts as of June 30, 2019.
The ATO hopes to inform as many people as possible about their upcoming cash boost.
& # 39; The balance of your inactive low-balance account is transferred to us by your fund and where possible we will proactively consolidate it into an active super account & # 39 ;, said the ATO spokeswoman.
Australians can also reunite with their lost and unclaimed super via ATO Online via myGov.
. (TagsToTranslate) Dailymail (t) news (t) Christmas