First Super is working with CSBA to conduct some member research during July. You may receive an email or SMS from CSBA on our behalf, to invite you to participate in an online survey. Find out more
Inactive super accounts are at risk of being transferred to the ATO unless you take action.
This is a super account where the balance is below $6,000 and has not received a contribution for 16 months.
Under government laws to stop low balance super accounts from being eaten away by fees, inactive superannuation accounts will be transferred to the ATO.
Don’t want your account to be transferred? It’s easy to keep your savings with First Super. Just take one of the following actions.
To pay your super into your First Super account. Complete the Choice of Fund form to make this happen.
To your account through firstonline or fill out the Contribution form to make this happen.
Into one account and you’ll save paying multiple account fees.* Log into your firstonline account to find and combine your accounts online with First Super. It’s quick and simple.
To keep your account active for another 16 months by completing the ATO Declaration Form.
In 2019, the government introduced new legislation to reduce multiple superannuation accounts many Australians have. Having multiple accounts means paying multiple fees and charges which can erode retirement savings especially with low balance accounts. The new legislation proactively brings together old low balance superannuation accounts with the current one.
If you haven’t added money to your First Super account for 16 months and it has less than $6,000 in it, by law, First Super must send your superannuation account to the Australian Taxation Office (ATO).
However, you won’t be affected if any of the following actions have been taken within the 16-month period:
ATO-held super refers to money in super which the ATO holds for you. There are several reasons why money may have been transferred over to the ATO including inactive low-balance super accounts. You can claim or consolidate ATO-held super once you’ve met certain conditions. Once approved you can transfer ATO-held super to a super fund of your choice.
Find out more about ATO-held super.
First Super is required to report and transfer inactive accounts to the ATO twice a year on 31 October and 30 April.
If your First Super account is transferred to the ATO, you will lose your insurance inside super and miss out on future investment returns.
These accounts won’t pay any fees on ATO-held amounts and will receive investment returns for interest paid based on the Consumer Prices Index (CPI). The ATO will proactively reunite unclaimed super money held for you into one of your active super accounts.
Register and login into our member portal, firstonline or call our Member services team on 1300 360 988.
Firstonline is a safe and secure way for you to manage your First Super account online. With firstonline you can update your personal details, check your account balance, view your investment options, nominate beneficiaries and change your insurance cover.
If you have any questions, simply call our Member Services on 1300 360 988, or email us.
1 Past performance is not an indicator of future performance.
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