AUSfund is a special type of superannuation fund known as Eligible Rollover Fund (ERF). Its purpose is to look after money transferred from other regulated superannuation funds (or the Australia Taxation Office) because a member has become ‘lost’ or ‘inactive’.
More than 35 super funds transfer their members’ inactive and unclaimed accounts to AUSfund. Your account can become inactive or unclaimed if:
If you did not inform your former super fund of a change to your address, you may not know that you have an AUSfund account as other super funds can transfer members’ funds to an ERF like AUSfund without your prior consent.
Read more about AUSfund.
No, AUSfund has not been able to accept contributions from members or employers since 1 January, 2014.
However, you can opt to transfer your funds to AUSfund, i.e. park them with us, when you are not actively contributing to your super account.
Important note: AUSfund does not provide insurance cover or investment choice.
View a list of all the funds which transfer inactive accounts to AUSfund.
Yes. All members are charged an annual $14 Administration Fee. This means that the interest earned on small accounts may be insufficient to cover the Administration Fee.
While it is not a legal requirement to provide AUSfund with your Tax File Number (TFN), it is important to do so to avoid paying additional tax when you claim a benefit. You can provide your TFN and consent to use your TFN to search the ATO for other super monies here.
If you are employed and earn at least $450 per month (before tax) and you are aged over 18, your employer is required to make regular superannuation contributions on your behalf equal to 9.5%* of your ordinary time earnings from 1 July 2014. This is called the Super Guarantee (SG).
This figure of 9.5% is the minimum requirement established by law. However, some Awards, Industrial Agreements or employment contracts may establish a higher contribution level than the SG, but they cannot offer less. Read more about super.
Super accounts often become ‘lost’ if your fund loses contact with you. Some of the most common reasons for this are if you have:
No. When the term 'lost' is used, it means that the super fund has lost contact with you, not that your funds have disappeared. ‘Lost’ super accounts may be transferred to ERF’s such as AUSfund or to the ATO.
An ERF is a temporary repository for amounts transferred from other regulated super funds.
ERFs do not offer choice of investment and your money will be invested in one pool. ERFs have not been able to accept contributions from members or employers since 1 January, 2014.
If you have received mail or statements from a fund that you believe is an ERF, you should contact them directly to discuss your options or to arrange to the transfer the account into an active account with your fund of choice.
Super accounts are often parked in an ERF like AUSfund because they are 'inactive'. Accounts become inactive because contributions are no longer being sent to the account. This might occur because a member has:
Depending on your circumstances you may be able to claim a cash payment, or transfer your benefit into your active super fund account. Read more about transferring your super out of AUSfund.
Consolidating super accounts avoids multiple sets of fees and charges. AUSfund does not offer additional member services that may be of value to you including insurance or investment choice. Therefore, moving your super out of your AUSfund account into your active super account may be a better option. Read more.
If you do not know if you have another super account, please check with your current or previous employers which fund(s) they made super contributions to on your behalf. If you cannot find another active super fund, you can set up a new one.
It will depend on your personal circumstances. First, contact your super fund to see if they still hold your super on your behalf.
If you do not claim your benefit within six months of the date that you depart Australia, your previous fund (or AUSfund) is required by law to transfer your super to the Australian Taxation Office (ATO). AUSfund will not issue an exit statement for benefits transferred to the ATO via this mechanism.
You may be able to claim a Departing Australia Superannuation Payment (DASP) online at www.ato.gov.au
If you have moved to New Zealand indefinitely or permanently and you have a KiwiSaver Scheme account, you can apply to transfer the whole balance of your super to that account. For details, please read the fact sheet and complete the claim form attached.
If you entered Australia as a temporary resident and have since departed, you may be able to withdraw your super. See the above question.
If you are a permanent resident who has moved overseas, in most situations you will need to wait until you meet a condition of release to be able to withdraw your super.
Generally, no. Super funds are normally preserved until you reach retirement age. However, there are limited situations, such as financial hardship and other personal circumstances which may allow you early access. For more information see the Department of Human Services website.
If you are looking for funds associated with a deceased estate within AUSfund please contact us.
The Government has strict rules that apply to the release of super money on the basis of financial hardship.
The financial hardship provision is intended to permit the release of super to relieve an immediate financial difficulty. The threshold rule for accessing super in this circumstance is the requirement that the applicant has been in receipt of a government income support payment continuously for the previous 26 weeks and is still in receipt of the payment at the time of application. For more details visit the Department of Human Services website.
If a financial hardship claim is accepted it might be restricted to only a portion of the super benefit in order to cover the immediate difficulty. Contact us if you think this applies to you.
We’re committed to reuniting members with their active super accounts. If we find an active account in your name with one of our participating funds we will write to you before rolling over your benefit to your active account.
If you do not wish us to undertake cross fund matching services on your behalf, or transfer your AUSfund benefits to an active super account in your name, you need to make this request in writing: PO Box 543, Carlton South VIC 3053 or via email at email@example.com. Please include your AUSfund member number.
AUSfund's Superannuation Product Identification Number (SPIN) and Unique Superannuation Identifier (USI) is APF0100AU.
If your AUSfund balance is under $200 you can request a payment to your bank account. See Transfer your super out of AUSfund for details.
Other situations that allow you (or, in some cases, your beneficiaries) to withdraw all or some of your superannuation include:
Under the legislation, you’re no longer gainfully employed when:
Yes. You can leave your super in AUSfund for as long as you wish. However, you should be aware that AUSfund does not offer insurance or investment choice and cannot accept member or employer contributions. Please ensure that you keep your address current so we can send you Annual Statements and other important information.
Yes, you can transfer super to AUSfund at any time. Simply complete a transfer super to AUSfund form.