I plan to change from Aust Super to Unisuper. Unisuper says i should ask ATO if this could have tax consequences because of the mechanism of transfer as accum and pension funds are joined for transfer and then new funds are started in unisuper.
Hi @gjbrns,
Moving super between Australian funds is generally not a taxable event for you. When a fund transfer involves both an accumulation account and a pension account, the pension income stream must continue to meet the rules during the transfer and the new pension will retain the same taxable and tax‑free proportions as the original.
If the transferring fund does not meet the minimum pension payment before the transfer date, the income stream is taken to have ceased for income tax purposes at the start of the year. In the successor fund, the pension must be commuted and a new one commenced that meets the rules.
The taxable and tax‑free components of a new income stream started after a successor fund transfer will match the proportions of the original income stream. For lump sums that are not from a pension commutation, the taxable and tax‑free components are determined just before the transfer date.
There are reporting steps funds must complete when accounts are closed and opened during a transfer. These do not change your personal tax, but they ensure your accounts and balances display correctly in ATO online services.
Your current fund and UniSuper will need to confirm they will meet pension payment requirements and preserve your taxable and tax‑free proportions during the transfer. You can also phone our Super team, if you need specific advice for your personal circumstances.
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