Your super may be transferred to the ATO - unless you take action
Super accounts with less than $6,000 and limited activity over the last 16 months, are by law required to be transferred to the ATO.
What does this mean?
This would close the account and the money will remain with the ATO until the ATO is able to transfer it into another active super account under your name or you transfer it into your preferred super account via MyGov.
Further details are available on the ATO website.
To stop this from happening to your account, you need to act before 28 March 2025.
3 ways to keep your account balance with Cbus Super
You only need to complete ONE of the below options.
Before taking action, consider your personal financial circumstances, including the impact of fees on your account balance. If you decide to keep your account balance with Cbus Super, here is how.
1. Complete a paper form
You can complete the Inactive low-balance accounts form (PDF) and Cbus will notify the ATO that you wish to stay with Cbus. Please send the completed form to:
Cbus
Locked bag 5056
Parramatta NSW 2124
In the unlikely event that we don’t end up receiving your form, feel free to also email us an electronic version (i.e. PDF or photos) before you post the physical form. Email cbusenq@cbussuper.com.au and include the following statement:
“I acknowledge and declare that I have read and understood the ‘Inactive low-balance accounts form’ and this email is a confirmation of my electronic signature which is the equivalent of a physical signature as applied to the attached form.”
2. Put money into your Cbus Super account
Make a contribution
There are a few ways you can make a contribution into your super account including:
- A before-tax contribution (known as a salary sacrifice) and
- An after-tax contribution from your take home pay (known as a personal contribution)
Combine other super into your Cbus account
If you have more than one super account, you can combine them into your Cbus account. You’ll save on paying multiple admin fees and it’s easier to keep track of your super.
3. Nominate who will get your super if you die
Complete the Binding death benefit nomination form (PDF) so your super goes to those that matter most, if something happened to you.
Please send the completed form to:
Cbus
Locked bag 5056
Parramatta NSW 2124
What happens if my account balance is transferred to the ATO?
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