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Re: ATO balance less than Super balance

I'm new

Views 45

Replies 2

Hi there!

I am wanting to change super funds but when I do this, it only gives me the option of the funds as per the ATO website, yet in my super the funds are considerably more. Is there a way to get this update so I can ensure the whole amount in my current superfund is transferred to the new one I wish to join? 

thank you! 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Dynamo

Replies 1

Hi @katie93

There is no need to worry about the ATO's super balance not being the same as in your superfund.

Super funds are not required to report your balance to the ATO frequently, sometimes it is only reported once a year, hence the ATO balance is not always up to date. On your myGov account in the Super tab and then fund details area it should actually list the balance and the date it was last updated.

When transferring your super you are not required to specify an amount on your myGov account. This is because the ATO will send your transfer request directly to the superfund who can view your current account balance and transfer this in full to the new superfund. 
Hope this helps! 

2 REPLIES 2

Most helpful response

Dynamo

Replies 1

Hi @katie93

There is no need to worry about the ATO's super balance not being the same as in your superfund.

Super funds are not required to report your balance to the ATO frequently, sometimes it is only reported once a year, hence the ATO balance is not always up to date. On your myGov account in the Super tab and then fund details area it should actually list the balance and the date it was last updated.

When transferring your super you are not required to specify an amount on your myGov account. This is because the ATO will send your transfer request directly to the superfund who can view your current account balance and transfer this in full to the new superfund. 
Hope this helps! 

Community Support

Replies 0

Hi @katie93,

 

As @Katelynb has mentioned, the records on you ATO online account are typically only updated once a year when your Super Fund sends us a balance report. So it's not always an accurate reflection of your current balance amount (it's best to contact your fund directly for an up-to-date figure).

 

All the best with the transfer Smiley Happy

 

RachATO