Testimonials


I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC


Super Facts and Tips

Do you have to tell the Australian Tax Office about the underpayment?

Itís also subject to you who have not been previously granted the Commissioner's discretion for not being able to meet the requirements.

You will have to call actively for the ATO's choice in writing, on the other hand, if the underpayment isn't a result of an honest mistake, or the underpayment is more than 1/12 of the amount of the yearly minimum pension payment, or the underpayment isn't outside your control, or the underpayment is paid later than 28 days following the discovery, or the minimum pension amount have been previously underpaid.

ATO examples Ė minimum pension amount underpayment

Below Are A Few Cases of the Underpayment of Yearly Minimum Pension Payments

Example 1: Transposition error gives rise to small underpayment
The Australian Tax Office will authorize the trustee to self-evaluate as well as apply GPA concessions for the reason that:
• Payments settled during the year as well as failure to qualify for the requirements of minimum pension payment by June 30 were a result of an honest clerical error
• The underpayment amount was small
• A catch-up fee was paid as soon as possible, the following tax year

Outcome: Though the Superfund was not able to meet its commitments under the superannuation law since the trustee met the GPA concession's conditions, the super remains, and the trustee remains to receive the exempt current pension income.

Example 2: Trustee on jury service; the case took a longer course than advised

Trustee Hasnít Been Previously Granted the GPA Concession

Outcome: Though the Superfund was not able to meet its commitments under the superannuation law since the administrator met the GPA concession's conditions, the super remains, and the trustee remains to receive the exempt current pension income.

For more advice about your super fund? Visit our website at www.australiansuperfinder.com.au

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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