Media Release

Allowing voluntary transfers to the ATO will lead to better outcomes for members

Published 27 July, 2020

Published 27 July, 2020

27 July 2020

Allowing voluntary transfers to the ATO will lead to better outcomes for members

The Association of Superannuation Funds of Australia (ASFA) welcomes the Federal Government’s announcement last week, as part of the Economic and Fiscal Update, to allow superannuation funds to voluntarily transfer amounts to the ATO in circumstances where the trustee believes it is in the best interests of that member.

ASFA CEO Dr Martin Fahy said that ASFA had advocated for this important change. “There are a number of circumstances that can result in there being a small residual balance in a member’s superannuation account, including the COVID-19 early release scheme. Transferring such amounts to the ATO can be in the best interests of the members, especially where further contributions to that account are unlikely.”

In particular, ASFA considers the flexibility to transfer balances to the ATO by trustees may be beneficial in the circumstances where:

the account is small and it is uneconomical for it to be maintained within a fund
a person cannot continue to be a member of the fund – for example a corporate super plan where a member has ceased employment with a sponsoring employer and has not provided payment instructions
there are remediation amounts with respect to an exited member where the benefit must be preserved within the super system but the trustee is unable to contact the former member
a superannuation fund is being wound-up and a member has not provided directions as to where their benefit is to be rolled over.

“Having the ability to transfers amount to the ATO will improve flexibility for super fund trustees in the administration of their fund, lead to more people’s super being re-united with their active account and reduce the incidence of multiple accounts.”

For further information, please contact:
Jacqui Maddock, 0451 949 300.

About ASFA
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.

Acknowledgement of Country

We want to respectfully acknowledge the Traditional Owners and Custodians of these lands, seas, and waters throughout Australia. We pay our respects to Elders both past and present. We acknowledge the history, the resilience and the continual contributions of Aboriginal and Torres Strait Islander peoples of their Country.

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Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

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Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.