The Unclaimed Super Quirk

30 May 2023

Written by

David Busoli, Principal

Be aware of a quirk in claiming unclaimed super monies where the member is between 65 and 75. Because the amount is unrestricted non-preserved the ATO will expect to be paying it into the member’s personal account as a member benefit. If they are provided with the super fund’s bank account number, in the expectation that it will constitute a rollover, the fund will receive it as a member contribution.

Since the work test has been removed, the fund is unable to reject it so it will be counted against the member’s non-concessional cap. This raises the possibility that it might inadvertently trigger either an excess contribution or the 3 year bring forward provision. The devil is in the detail.

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