The ATO has used a superannuation regulatory update speech to remind individuals who log into the myGov portal can now view details of all their super accounts and balances.
This includes both those held in a fund or with the ATO.
At a panel session at the Association of Superannuation Funds of Australia policy roadshow yesterday, deputy commissioner James O’Halloran told delegates various pieces of account information is visible including balance for all accounts including those accounts transferred to the ATO as unclaimed, total super balance (TSB), transfer balance cap (TBC) details, and the status of bring-forward arrangements relating to non-concessional contributions.
O’Halloran noted members can use MyGov to view all the events that have been considered when calculating TBA balance, identify if a TBC has been exceeded, and download TBA information.
“We’ve learned from past behaviour that if people know that others can see the data, this will drive a positive compliance outcome,” O’Halloran said.
“The new data will add greatly to what we know and we’ll be able to target the cases where people are seriously and regularly not complying with their SG obligations.”
As custodian of the data, the ATO is expected to collate all the different sources of information into one picture for members, O’Halloran added.
The ATO also released data for the first home super saver scheme (FHSSS) measure, which started on 1 July.
During the period 1 July to 6 August, 1449 FHSSS determinations were made and 592 people requested a release of their FHSSS amount.
In the same period the ATO issued 498 release authorities to super funds totalling $5.3 million, which equates to an average requested release amount of about $10,727.
