The ATO will notify their active fund of their election to consolidate and the active fund will have a period of time to obtain consent and facilitate the consolidation.Existing employees can also benefit from this process by logging onto ATO online at any time to view a list of their superannuation accounts, choosing to consolidate and electing to have the ATO notify their active fund of their consolidation request.
The Government will legislate to mandate the use of the new data and payment standards for superannuation transactions and reporting to Government in order to maximise the efficiencies.
The Government is mindful of the implementation issues the introduction of the data and e‑commerce standards raises for small employers and will continue to consult with employer groups on the best and most practical ways to achieve these objectives for small employers.
Trevor is advised that ATO online can display his active and inactive super accounts and identify if he has any lost or unclaimed super.
Trevor has two super accounts and decides he should consolidate them to his current active account held by Green Sky superannuation fund.
The employee can use this information and elect to have superannuation contributions made to their existing account or open a new default account.
Employees will also be able to use the information and elect to consolidate their other accounts online.This includes an estimated 5 million accounts recorded on the Lost Member Register.Currently, processes for individuals wishing to consolidate accounts or obtain lost super can be cumbersome and time consuming.Trevor accesses ATO online and elects to consolidate.When Green Sky is contacted by the ATO, Green Sky commences the consolidation process.Additionally, the payment standard prescribed by the Australian Payments Clearing Association (APCA) and international financial messaging standards prescribed by the International Organisation for Standardisation (ISO20022) will be used.