Unclaimed Superannuation

Keeping track of your super

Your super is your savings for retirement. It’s important to be aware how much is being contributed, what super accounts you have and what insurance they provide.

If you’ve ever changed your name, address or job, you may have lost track of some of your super. Having several super accounts could mean that multiple fees and charges are reducing your overall super investment.

Check your super

You can check, consolidate, find lost super and keep track of your super online by creating or logging in to your myGovExternal Link account.

You can also check your super via the ATO app or by calling our self-help phone service, available 24 hours a day on 13 28 65.

Working overseas

If you take up an Australian employer’s offer to temporarily work overseas, your employer must continue to pay super contributions for you in Australia.

Neither you nor your employer will have to pay super (or a super equivalent) in the other country if:

Unclaimed super

Twice a year, you report and pay to us:

  • unclaimed super of members aged 65 years or older, non-member spouses and deceased members
  • unclaimed super of former temporary residents
  • small lost member accounts and insoluble lost member accounts.

We use this information to update the unclaimed super money register (viewable in ATO online services) through which these amounts can be claimed.

For more information on myTax 2019, online tax return 2019, myGov 2019, Tax Return 2019 , or any other tax related matter, please call our professional accountant on 1300 768 284 . For more information please contact us at 1300768284 or you can email us atenquiry@taxrefundonspot.com.au

Spouse Contribution on myTax

Superannuation contributions on behalf of your spouse 2015

Did you make contributions to a complying superannuation fund or a retirement savings account (RSA) on behalf of your spouse (married or de facto) who is earning a low income or not working?

An RSA is a special account offered by banks, building societies, credit unions, life insurance companies and prescribed financial institutions. It is used for retirement savings and is similar to a superannuation fund.

You need to know

You will be entitled to a tax offset of up to $540 per year if:

  • the sum of your spouse’s assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions was less than $13,800
    • the contributions were not deductible to you
    • the contributions were made to a superannuation fund that was a complying superannuation fund for the income year in which you made the contribution
    • both you and your spouse were Australian residents when the contributions were made, and
    • When making the contributions you and your spouse were not living separately and apart on a permanent basis.

A spouse can be of the same or opposite sex and can include de facto relationships.

If you had more than one spouse during the income year and you satisfy the conditions for the tax offset for more than one spouse, the tax offset is the lesser of the sum of the tax offset entitlements for each spouse, or $540.

 Your spouse’s assessable income is the amount your spouse wrote at

TOTAL INCOME OR LOSS on their tax return, unless:

  • they had a distribution from a partnership or trust
    • they had income or losses from rent or business (including personal services income)
    • they had a capital gain or foreign source income,
    • they made a deposit into a Farm Management Deposit Scheme Account, or
    • They claimed a deductible amount for a foreign pension or annuity at item D11 on their tax return (supplementary section).

Your spouse’s reportable fringe benefits amounts and reportable employer superannuation contributions are shown on their payment summaries.

The tax offset is calculated as 18% of the lesser of:

  • $3,000, reduced by $1 for every $1 that the sum of your spouse’s assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions for the year was more than $10,800
    • The total of your contributions for your spouse for the year.

The tax offset for eligible spouse contributions cannot be claimed for superannuation contributions that you made to satisfy a family law obligation to split contributions with your spouse.

Completing this item

Step 1

Write the total of your contributions at Contributions paid item T3 on your tax return.

Step 2

If the sum of your spouse’s assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions was $10,800 or less, use worksheet 1.

If the sum of your spouse’s assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions was more than $10,800 but less than $13,800, use worksheet 2.

Worksheet 1 
Maximum spouse contributions eligible for the tax offset $3,000 (a)
Amount of contributions paid $ (b)
Write the lesser of (a) or (b). $ (c)
Multiply (c) by 18 and divide by 100.     $ (d)
Worksheet 2 
Maximum spouse contributions eligible for the tax offset $3,000 (a)
The sum of your spouse’s assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions $ (b)
Base amount $10,800 (c)
Take (c) away from (b). $ (d)
Take (d) away from (a). $ (e)
Amount of contributions paid $ (f)
Write the lesser of (e) or (f). $ (g)
Multiply (g) by 18 and divide by 100. $ (h)

Step 3

The tax offset is the amount shown at (d) on worksheet 1 or (h) on worksheet 2. Write this amount at A item T3. Do not show cents.

If you had more than one spouse during the year, complete steps 1 to 3 for each spouse. Your tax offset is the lesser of:

  • the sum of the tax offset you are entitled to for each spouse, or
  • $540.

Write this amount at A item T3. Do not show cents.

Step 4

Make sure you complete Spouse details – married or de facto on pages 8-9 of your tax return. Include your spouse’s taxable income at O, your spouse’s total reportable fringe benefits amounts at S and your spouse’s reportable employer superannuation contributions at A.

To work out your entitlement to this tax offset you would have used your spouse’s assessable income, reportable fringe benefits amounts and reportable employer superannuation contributions. However, because we use taxable income to calculate many other entitlements, we ask you to record your spouse’s taxable income (not assessable income) at Spouse details – married or de facto.

For more information on myTax 2019, online tax return 2019, myGov 2019, Tax Return 2019 , or any other tax related matter, please call our professional accountant on 1300 768 284 . For more information please contact us at 1300768284 or you can email us atenquiry@taxrefundonspot.com.au

First Home Super Saver Scheme

First home supersaver scheme: Salary sacrifice for first home-owner savers – super contributions made from 1 July 2017 may be withdrawn from 1 July 2018 for a first home deposit. See further: First Home Super Saver Scheme

First Home Super Saver Scheme

First announced in the 2017-18 Federal Budget, this is a scheme to encourage first home buyers by enabling super funds to house the savings for a deposit.

From 1 July 2017, the Scheme will allow first home buyers to salary sacrifice into their superannuation fund. The tax advantages of doing so are intended to encourage them to save for a house deposit.

Both members of a couple will be able to take advantage of the concession.

Super contributions made from 1 July 2017 may be withdrawn from 1 July 2018 for a first home deposit. Concessional contributions and earnings withdrawn will be taxed at marginal rates less a 30% offset.

Up to $15,000 per year can be contributed, $30,000 in total within existing caps.

Both members of a couple can combine savings for a single deposit to buy their first home together.

The FHSS Scheme applies to the concessional and non-concessional contributions (subject to the contribution caps) that an individual voluntarily makes through either personal contributions or through salary sacrificing arrangements, provided that those contributions are made within the existing contribution caps.

The Scheme uses the standard release authority rules in Division 131 (applying from 1 July 2018) of the Taxation Administration Act 1953  to facilitate the release of amounts from superannuation.

For more information on Etax, myTax ATO, myGov and online tax return, please contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Illegal Super Schemes – Beware of Offers to Withdraw Your Super Early

Have you ever been offered help to withdraw your superannuation early? Generally, you cannot access your super until you retire.

Some people promoting illegal super schemes will tell you that they can help you access your super now to pay off credit card debt, buy a house or car, or go on holiday.

These schemes are illegal. They will cost you a lot more than the super you access and may get you into a lot of trouble.

How illegal super schemes operate

Illegal super schemes usually involve someone offering to help you access your super early.

Promoters of illegal super schemes usually:

Illegal super schemes often target people who are under financial pressure or who do not understand the super laws.

Taking your super out from any super fund early without meeting what is called a ‘condition of release’, or encouraging others to do so, is illegal.

Illegal super schemes may lead to identity theft

If you participate in one of these schemes, you may become a victim of identity theft. Identity theft happens when someone uses your personal details to commit fraud or other crimes.

Once your identity has been stolen and misused, it can take years to fix.

Rollovers to an SMSF

Most illegal super schemes require you to transfer your super from your super fund into an SMSF. This can be called a ‘rollover’.

Printed copies of this information are available from ato.gov.au/publications (/publications)

If you need any more information  to Start Online Income Tax Return, or want to know about myTax 2018, myGov 2018, Tax Return 2018 Please contact our professional and experienced accountants at TAX REFUND ON SPOT on the off chance that you have any questions, please don’t hesitate to contact our office on 1300 768 284 or email us at enquiry@taxrefundonspot.com.au or Fill your details online at www.taxrefundonspot.com.au

Low Income Super Tax Offset Contribution (LISTO)

The government will introduce a Low Income Superannuation Tax Offset (LISTO), which will replace the Low Income Superannuation Contribution (LISC) policy that has been repealed from 1 July 2017.

LISTO will provide continued support for low-income earners and ensure that generally they do not pay more tax on their super contributions than on their take-home pay.

From 1 July 2017, eligible individuals with an adjusted taxable income up to $37,000 will receive a LISTO contribution to their super fund. The LISTO contribution will be equal to 15% of their total concessional (pre-tax) super contributions for an income year, capped at $500.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

Overseas Super Management Tax Refund

If you are an Australian citizen or permanent resident heading overseas, your super remains subject to the same rules, even if you are leaving Australia permanently. This means you cannot access your super until you reach preservation age and retire, or satisfy another condition of release.

If you have a small super account you want to keep with your super fund, contact your super fund and tell them. This will avoid it from being transferred to us as unclaimed super.

You should check your super regularly and combine any accounts you no longer need. You can do this through your tax agent. Combining several super accounts means you don’t have to pay multiple sets of fees and charges.

If you are planning on moving permanently or indefinitely to New Zealand, you can leave your super in Australia or transfer it to a New Zealand KiwiSaver scheme from a participating Australian super fund.

Self-managed super

If you are a trustee of a self-managed super fund and you intend to travel overseas for an absolute period, check before you leave that your fund will continue to meet the definition of an Australian
super fund

Higher education and trade support loans

From 1 January 2016, if you have moved overseas and have a Higher Education Loan Programme (HELP) or Trade Support Loan (TSL) debt, you will have the same refund obligations as those who live in Australia. This applies if you already live or intend to move overseas for a total of more than six months in any 12-month period.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

Check if workers are employees or contractors

It’s important to check whether your workers are employees or contractors, as your tax, super and other government obligations are different depending on whether the working arrangement is employment or contracting.

If you get it wrong and fail to meet your obligations, you risk having to pay penalties and charges.

Engaging a new worker

Before you enter into a work agreement or contract with a worker, you need to check whether the arrangement you’re planning to enter is one of employment or contracting.

You should check every time you engage a new worker, unless the working arrangement is identical to that of another worker which you’ve already checked.

Unless it’s exactly the same working arrangement, including the specific terms and conditions under which the work is performed, there could be a different outcome in relation to whether the worker is an employee or contractor. Minor variations in working arrangements can result in different outcomes.

If you have not checked for existing workers

If you’ve previously engaged a worker without checking our information about whether the arrangement is employment or contracting, you should review your earlier decision now to make sure you got it right.

For example, if you made the decision to treat your worker as a contractor because they have an Australian business number (ABN) or specialist skills or you only need them during busy periods, you need to review this earlier decision now. None of these things will make a worker a contractor. They may instead be an employee.

If you’ve engaged a worker incorrectly (such as engaging them as a contractor when they are an employee) you’ll need to meet the correct tax and super obligations for the worker from their start date, not just from when you identified the mistake.

For more information on Etax, Mytax and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au