3. Keep your super ticking over
If you’re overseas for a long time and there’s no activity in your super account for five years, and your fund is unable to contact you, the ATO may flag your super as lost. Alternatively, if your super account balance drops below $6,000 and your super fund doesn’t receive contributions for 16 months, your fund may have to transfer your “inactive low-balance” account to the ATO. Your fund will try to make contact with you before this happens.
However, your account will not be an inactive low-balance account if any of the following happen in the last 16 months:
- Update your investment option
It might be a good time to check if you’re in the right investment option to suit you. As a Rest member, you can check out our Investment Choice Solutions Tool, it’ll give you simple advice on which investment option is right for you.
- Make changes to your insurance coverage
Check out tip 4. This could be the perfect time to check in on your insurance coverage.
- Make or amend a binding beneficiary nomination
Have you considered who your super goes to if you die? Not a nice thing to think about, but it is important. Leave your super in the right hands.
- Write to your super fund
You can give your fund a written notice electing not to be a member of an inactive low-balance account.
- Contribute to your super
Regular contributions to your super, helps the ATO and your fund know you are still active, and it may make a difference to your super balance in the future.
If you are a Rest member, you can easily make contributions to your super using the Rest App.
You should seek financial advice before doing so, as there are sometimes tax and other considerations when making voluntary contributions.