Do you have to split your super with your former partner?
Superannuation is considered as a financial resource in a property split and can be divided in any proportion through an agreement or court order.
Generally, all superannuation is taken into account in a property settlement, regardless of whether it was acquired before or during the marriage, or after separation.
Superannuation interests with a withdrawal benefit of less than $5,000, and those paying a non-commutable pension or an annuity of less than $2,000 per annum are considered unsplittable interests.
In most cases where both parties are Australian citizens, Superannuation will remain subject to superannuation laws. Therefore, when it is split, the recipient isn’t paid out in cash. The amount is rolled into a Super Fund they nominate and only accessible after retirement age.
If you or your partner have chopped and changed in your employment, there’s a chance you may have super that you have forgotten about. It’s a good idea to search for any lost super before you finalise your agreement.
Two steps for finding lost super
There are two services you should use to locate lost or unclaimed superannuation and they are both free. You will need your tax file number to start the search.
Step 1
The Australian Tax Office provides an online search tool called SuperSeeker. Alternatively, you can call the ATO on 13 28 65.
Update: The SuperSeeker online service is currently unavailable and is unlikely to be restored. The ATO has announced that SuperSeeker will be decommissioned earlier than expected. The ATO is directing people to the ‘Check your super using myGov’ page.
To do a simple search, you’ll need to provide your:
- Tax file number
- Full name
- Date of birth
For a more comprehensive search of all your superannuation, you’ll need to register for a secure login with the ATO.
Keep track of your super using myGov
You can create a myGov account and link to the ATO to:
- see details of all your super accounts, including any you have lost track of or forgotten about
- see details of your total super balance and your transfer balance cap
- find ATO-held super – if the government, your super fund or your employer can't find an account to transfer your super to, we hold it on your behalf
- combine multiple super accounts by transferring your super into your preferred super account. If this is a fund-to-fund transfer it will generally be actioned within three working days.
Next steps:
- To use our online services, create a myGov account and link to the ATOExternal Link.
- Already linked the ATO to your myGov account? Login to myGovExternal Link.
- For help with registering, refer to Register to use our online services.
- You can also access myGov via the ATO app.
Source: ATO Website
Step 2
Check with AUSfund (Australia’s unclaimed super fund) to see if any lost or unclaimed super has been accumulating there.
Sometimes super funds transfer the balance of small, inactive accounts directly to the ATO rather than continue admin on the dormant account. The funds are held by the ATO in an AUSfund account for you.
You are able to claim the funds and transfer the balance to your preferred super fund at any time.
Go to https://ausfund.com.au/search-for-super/search-unclaimed-super/
What to do when you find lost superannuation
If you find that you have super in more than one fund, you should consider rolling it all into just one.
By consolidating your accounts, you will be saving the money each fund is charging for management fees and this will help to grow your super faster.
In most cases, it is very easy to roll your super into one account, and it can be done online.
How to consolidate funds
Decide which fund you are going to consolidate into. It is important to ensure that your employer can pay into the fund and that you don’t lose insurance benefits such as Death and Disability or Income Protection by transferring from one fund to another.
Locate your membership number on the superannuation statement from each fund and have your Tax File Number (TFN) handy.
Contact your chosen fund or visit their website to complete the rollover form. This will initiate the instruction which allows them to facilitate the consolidation for you.
If you have any questions, contact your super fund customer services directly via email or phone.
Read more about super in property settlements: Click here
Written by, Christine Weston
www.DivorceResource.com.au
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