AdviserVoiceAutomatic consolidation of low-balance accounts https://www.adviservoice.com.au/2012/05/automatic-consolidation-of-low-balance-accounts/ Financial planner information & financial planner education/CPD - AdviserVoice Mon, 08 Jun 2026 21:25:34 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 Automatic consolidation of low-balance accounts https://www.adviservoice.com.au/2012/05/automatic-consolidation-of-low-balance-accounts/ https://www.adviservoice.com.au/2012/05/automatic-consolidation-of-low-balance-accounts/#respond Thu, 03 May 2012 23:25:11 +0000 https://adviservoice.com.au/?p=14352  From January 2014, the ATO will help super funds to auto-consolidate accounts with low balances by providing details of these accounts to members’ active funds. The information will be provided annually and will include details of:

  • lost accounts
  • accounts that have not received a contribution or rollover for two years with balances under $1,000
  • accounts in eligible rollover funds.

Funds will be responsible for arranging consolidation unless the member opts out.

Subject to a review by the Treasury, ATO and the Australian Prudential Regulation Authority (APRA), the threshold for auto-consolidation of lost and inactive accounts will be increased to at least $10,000 in the latter half of 2014.

These proposed changes are not law as they have not been passed by Parliament.

]]>  From January 2014, the ATO will help super funds to auto-consolidate accounts with low balances by providing details of these accounts to members’ active funds. The information will be provided annually and will include details of:

  • lost accounts
  • accounts that have not received a contribution or rollover for two years with balances under $1,000
  • accounts in eligible rollover funds.

Funds will be responsible for arranging consolidation unless the member opts out.

Subject to a review by the Treasury, ATO and the Australian Prudential Regulation Authority (APRA), the threshold for auto-consolidation of lost and inactive accounts will be increased to at least $10,000 in the latter half of 2014.

These proposed changes are not law as they have not been passed by Parliament.

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