From 1 July 2019, the Protecting Your Super laws require inactive super accounts with a balance of less than $6,000 to be transferred to the Australian Taxation Office (ATO).

Super money will not be transferred to the ATO if in the last 16 months:

  • you have received a contribution or rollover into your account
  • you have made changes to your investment options or insurance (including opting in) arrangements in your account, or you have made or amended a binding beneficiary nomination
  • you have given us an inactive low balance account declaration authorising us to notify the ATO that you want your super account to remain with us.

If your account with us is a pension account, including a transition to retirement account, you are not impacted by these changes.

What you can do to keep your super with BT

If you’ve heard from us and we’ve told you that your BT super balance may be transferred to the ATO, but you want to keep your account with BT open, there are a few different things you can do before the transfer date we’ve provided.

You can complete and lodge an ‘Inactive low-balance authorisation’ form. Download and print the form on the right hand side of this page – then complete and sign it and return it to us:

  • By Email: Scan the completed form and email it to us at ILBA@BTFinancialgroup.com.  
  • By Mail: Send the completed form to us at BT GPO Box 2675, Syd­ney, NSW  2001 

We’ll then let the ATO know you’ve asked for your account to stay open. 

Alternatively, if you make a contribution or rollover to your account, make changes to your insurance, make or amend a binding beneficiary nomination, or make an investment choice, before the transfer date, your account will be considered ‘active’ and won’t be closed or transferred to the ATO.

IMPORTANT: If you hear from us, make sure you act before the transfer date we have given you if you want to keep your super account with BT.

What happens if your super balance is sent to the ATO?

If your super is transferred to the ATO, you’ll be able to request that it be transferred to your preferred super account.  Just log into your myGov account to do this.

If you don’t notify the ATO where you would prefer your super to be transferred, they will attempt to transfer the super they hold for you to your ‘active’ super account, if you have one i.e. an account that’s received a contribution or rollover within the current or previous financial year.

Helpful links

Can I call you to let you know I want to keep my account open, rather than complete a form?

Unfortunately, we can’t take your request to keep your account open over the phone – as the new super rules require you to complete the form prescribed by the ATO. You can download the form from this page.

Rather than completing a form, are there other ways to keep my account open?

Yes. If you make a contribution or rollover to your account, apply for insurance, nominate a beneficiary, or make an investment choice, before this date, your account will be considered ‘active’ and won’t be closed or transferred to the ATO. To find out more about how to make your account ‘active’ call us and we can help.

Can I get my super back from the ATO?

Yes.  If your super is transferred to the ATO, you’ll be able to request that it be transferred to your preferred super account.  Just log into your myGov account to do this. 

What if I don’t let the ATO know what I want to do with my super after it’s sent to them?

If you don’t notify the ATO where you would prefer your super to be transferred, they will attempt to transfer the super they hold for you to your ‘active’ super account, if you have one i.e. an account that’s received a contribution or rollover within the current or previous financial year.

I have a transition to retirement (TTR) account or pension account. Am I affected by these changes?

No – TTR and pension accounts are not impacted and will not be closed, regardless of their balance.

Why have these changes been made?

These changes are part of the government’s ‘Protecting Your Super’ package – which aim to stop inactive accounts with small balances being eroded by fees – giving your super the best chance to grow. 

These changes and the process to consolidate your super accounts is a positive thing – it means that more of your super will be in one place – making it easier to track and manage. It could also mean less fees, which could lead to a higher super balance in the long term and potentially more income in retirement.

Be MoneySmart      

The government’s ASIC MoneySmart website offers free, independent guidance so you can make the most of your money – including more information on the ‘Protecting Your Super’ insurance in super changes, insurance calculators, education and tips.  

Want to opt into insurance?

If you have been contacted by us and want to opt in visit our Insurance opt-in page 

Call 132 135

Talk to our Customer Relations team
8:00am – 6:30pm Mon-Fri
(Sydney/Melbourne time)

Things to know

BT Lifetime Super – Employer Plan
BT Funds Management Limited ABN 63 002 916 458, AFSL 233724 (BTFM) as the trustee of and the issuer of interests in BT Lifetime Super – Employer Plan (LSEP), which is part of Retirement Wrap ABN 39 827 542 991. A Product Disclosure Document is available for LSEP and can be obtained by calling BT Customer Relations on 132 135 or visiting bt.com.au. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of interests in LSEP.

BTFM is a member of the Westpac Banking Corporation ABN 33 007 457 141 (Westpac) Group. An investment in LSEP is not an investment in, deposit with, or any other liability of, Westpac, or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment or loss of income and principal invested. None of Westpac or its related entities stands behind or otherwise guarantees the capital value or investment performance of LSEP.

BT Business Super
Westpac Securities Administration Limited ABN 77 000 049 472, AFSL 233731, RSE L0001083 (WSAL) as the trustee of and the issuer of interests in BT Business Super (BTBS), which is part of Westpac MasterTrust – Superannuation Division RSE R1003970, ABN 81 236 903 448. A Product Disclosure Document is available for BTBS and can be obtained by calling BT Customer Relations on 132 135 or visiting bt.com.au. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of interests in BTBS. WSAL is a member of the Westpac Banking Corporation ABN 33 007 457 141 (Westpac) Group. An investment in BTBS is not an investment in, deposit with, or any other liability of, Westpac, or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment or loss of income and principal invested. None of Westpac or its related entities stands behind or otherwise guarantees the capital value or investment performance of BTBS.

BT Super for Life
BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 (Trustee) is the trustee and issuer of BT Super for Life which is part of Retirement Wrap ABN 39 827 542 991. Insurance within BT Super for Life is issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 AFSL 233728 (Insurer). A Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for BT Super for Life can be obtained by calling 1300 653 553 or visiting bt.com.au. You should consider the PDS before deciding to acquire, continue to hold or dispose of interests in BT Super for Life.

The Trustee is a member of the Westpac Banking Corporation ABN 33 007 457 141 (Westpac) Group. An investment in BT Super for Life is not an investment in, deposit with, or any other liability of, Westpac Banking Corporation ABN 33 007 457 141 (Westpac), or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment, or loss of income and principal invested. Except as expressly disclosed in the PDS or the Additional Information Booklet for BT Super for Life, Westpac and its related entities (including Trustee and the Insurer) do not stand behind or otherwise guarantee the capital value or investment performance of any investment options or any related assets of BT Super for Life.

This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to your personal objectives, financial situation and needs having regard to these factors before acting on it.

The information is current as at 14 June 2019.