Super funds are required by law to send information about their members’ accounts to the Australian Taxation Office (ATO).
This includes your account balance, account numbers, contributions and contact information.
The ATO then consolidates this information and makes it available to you through your online government account, called myGov.
From 1 April 2019, the government will introduce new reporting obligations for super funds, which means we have to send up-to-date information about superannuation contributions and balances to the ATO. If you have a defined benefit account, this includes the super contributions you’ve made toward your Mine Super defined benefit, called ‘notional taxed contributions’.
This change means that the information on your myGov account will be more up-to-date than it has been in the past.
We’re currently working hard preparing this information, which will be completed and sent to the ATO by 30 June 2019.
This means there will be a transition period between 1 April 2019 and 30 June 2019 where information about your Mine Super account might not be up to date on your myGov account.
The government encourages us to put money into super by taxing super at a lower rate than other investments. That’s why it can be a great way to save for your retirement.
It’s important you keep track of how much is paid into your super, as the government limits how much of your contributions are taxed at these lower rates. These limits are called ‘contribution caps’. If you contribute over these caps, you might have to pay extra tax.
Keep in mind that you can always find up-to-date information about your Mine Super account, including your account balance and contributions, by logging into your online account with us or giving us a call on 13 64 63.