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What happens to my future employer contributions?
Using this form to transfer your benefits will not change the fund to which your employer pays your contributions and may close the account you are transferring your benefits FROM.
If you wish to change the fund into which your contributions are being paid, you will need to speak to your employer about Choice of Fund. For the appropriate forms and information about whether you are eligible to choose the fund to which your employer contributions are made, visit ato.gov.au or call the Australian Taxation Office (ATO) on 13 10 20.
Things you need to consider when transferring your super
When you transfer your super, your entitlements under that fund may cease. You need to consider all relevant information before you make a decision to transfer your super. If you ask for information, your super provider must give it to you. Some of the points you may consider are:
Fees – your FROM fund must give you information about any withdrawal fees. If you are not aware of the fees that may apply, you should contact your fund for further information before completing this form. Differences in fees that funds charge can have a significant effect on what you will have to retire on. For example, a 1% increase in fees may significantly reduce your final benefit.
Death and disability benefits – your FROM fund may insure you against death, illness or an accident which leaves you unable to return to work. If you choose to leave your current fund, you may lose any insurance entitlements you have. When considering a new fund, you may wish to check the costs, terms and amount of any cover offered.
What happens if I do not quote my Tax File Number (TFN)?
You are not obligated to provide your TFN to your super fund. However, if you do not provide your TFN, your fund may be taxed at the highest marginal tax rate plus the Medicare levy on contributions made to your account in the year, compared to the concessional tax rate of 15%. Your fund may deduct this additional tax from your account.
If your super fund does not have your TFN, you will not be able to make personal contributions to your super account. Choosing to quote your TFN will also make it easier to keep track of your super in the future. Under the Superannuation Industry (Supervision) Act 1993, your super fund is authorised to collect your TFN, which will only be used for lawful purposes. These purposes may change in the future as a result of legislative change. The TFN may be disclosed to another super provider when your benefits are being transferred, unless you request in writing that your TFN is not to be disclosed to any other trustee.
Has your name changed or are you signing on behalf of another person?
To prove the link between you and the other person, or that your name has changed, you will need to provide a certified copy of a linking document. Some examples of linking documents can be seen below.
If you have changed your name you’ll need a certified copy of one of these:
- Marriage certificate (from the Births, Deaths and Marriages Registration Office).
- Deed poll, or
- Change of name certificate (from the Births, Deaths and Marriages Registration Office).
If you are signing on behalf of another person you’ll need a certified copy of one of these:
- Administration orders
- Power of Attorney.
Who can certify your linking documents?
- Justice of the Peace (JP) or Commissioner for Declarations
- a police officer
- a notary public officer
- a financial services company officer (e.g. bank or super fund employee) with two or more years of continuous service
- a permanent employee of the Australian Postal Corporation with two or more years of continuous service who is employed in an office supplying postal services to the public
- a person enrolled on the roll of State or Territory Supreme Court or the High Court of Australia, as a legal practitioner
- a member of the Institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with five or more years of continuous membership.
All copied pages of ORIGINAL linking documents need to be certified as true copies by an individual approved to do so (see the list above).
To certify your documents they need to:
- Compare the photocopy to the ORIGINAL document
- Stamp or write ‘This is a true and correct copy of the original’ followed by their signature, printed name and qualification (e.g. Justice of the Peace, Police officer) and the date.
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