|Parramatta News - Julie OWENS
The end of the financial year is almost here so I thought I would share some important information with you about changes to superannuation and tax help.
All the best,
You may have heard that as of 1 July 2019 , money held in inactive low-balance superannuation accounts will be transferred to the Australian Taxation Office (ATO). The ATO will then hold the money on your behalf however it will still belong to you.
The changes to the law were made some time ago, and if you are affected, your superannuation company should have contacted you. But, in case you missed the letter, or you have super accounts that you have lost touch with, you might want to check and make decisions for yourself.
The definition of an inactive, low-balance super account, and an explanation of how it all works can be found at the ATO website here. Also at that website are instructions for what to do if you have such an account and you don’t want it transferred to the ATO.
Also, you may have super balances that you are unaware of. There is still some $17 billion dollars in lost super out there.
Below are two user-friendly sites that show you how to find your lost super, and other unclaimed money such as old bank accounts. They are both on the MoneySmart website.
Moneysmart is a Government site run by the Australian Securities and Investments Commission (ASIC) Since July 2008, ASIC has been the government agency with overall responsibility for financial literacy. The MoneySmart website is one of the key initiatives in the National Financial Capability Strategy which was launched by the Labor Government in March 2011.
You can track your lost super here and find unclaimed money here.
My office will once again offer tax assistance to people who meet certain criteria.
An ATO representative will be stationed at my office to assist you with your tax return. The service will be available from mid-July.
I will be in touch with eligibility criteria and how to book your appointment soon.
Copyright © 2019 Julie Owens MP, All rights reserved.
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