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AUSfund has closed

 

AUSfund closed on 21 May 2021 and all accounts have been transferred out of the fund.

Accounts with balances under $6,000 were sent to the Australian Tax Office (ATO) for inclusion in their auto-consolidation program.

Accounts with balances over $6,000 were transferred to the Hostplus superannuation fund.

All members have been sent an exit statement to the postal address we had on file for them advising where their account has been sent.

I did not receive an exit statement. How can I find my account?

You can contact the ATO or log in to your MyGov account to see a list of all of your super accounts and combine them into one account.

The ATO can be reached on 13 10 20 or by visiting ato.gov.au.

Why did AUSfund close?

In March 2021, the federal government passed the Reuniting More Super Bill. This requires AUSfund and all other Eligible Rollover Funds (ERFs) to close down, commencing with the transfer of all accounts with a balance under $6,000 to the ATO by the end of June. The law applies regardless of whether there is a claim on the account or the member wants to stay in AUSfund. AUSfund made these transfers in the first 2 weeks of May.

This Bill follows on from 2019’s Protecting Your Super Bill, which requires Funds to send more inactive, lost and unclaimed super accounts to ATO and permits the ATO to proactively consolidate super accounts on members’ behalf. These measures effectively moved the purpose and function of holding funds like AUSfund over to the ATO.

I had a claim in progress. Why was my money sent anyway?

AUSfund tried to finalise all open claims where we had received sufficient documentation before the transfer but as the fund has closed, we had no choice but to transfer your account out of the fund. You will need to reopen your claim with the receiving entity directly.

Why were high balance accounts sent to Hostplus instead of the ATO?

AUSfund recognises that many higher balance members actively chose to remain in AUSfund. The Trustee of AUSfund undertook a comprehensive review of the options available and determined that it is more appropriate to transfer these accounts to a successor fund where they will continue to earn market-linked investment returns.

Hostplus was chosen as the fund to receive AUSfund accounts because they consistently deliver superior net investment returns to members, and they are aligned with and committed to the industry super ethos of only benefitting members.

Affected members were sent a Significant Event Notice outlining the details of the transfer.