Some of the major changes are:
Superannuation accounts which have not received a contribution for 16 months and have balances below $6,000 are known as inactive low balance accounts. These will be transferred to the Australian Taxation Office (ATO), who will attempt to auto-consolidate the amounts into the member’s active account, if they have one and if the combined balance will be greater than $6,000.
An account will be classified as inactive if, over a 16-month period, either no contributions have been received or the member has not otherwise engaged with the account by, for example, requesting a change to their investment strategy or insurance coverage.
Moreover, from 1 July 2019, you may increase your concessional contribution cap by carrying forward your unused concessional cap space amounts if you have a total superannuation balance of less than $500,000. From 1 July 2017, the new annual concessional contributions cap is $25,000 for all individuals regardless of age.
