Aboriginal people living remotely are being urged to inquire about their superannuation funds following the introduction of new laws in July.
From the 1st of July 2019 changes to superannuation will mean that if you has less than $6,000 in your super fund and not had any dealings with the account for 16 months your money will be transferred to the Australian Taxation Office.
Once this happens you will no longer be a member of the fund and no longer need to pay premiums for insurance.
Nathan Boyle, a senior analyst with the Indigenous Outreach Program at the Australian Securities and Investments Commission says the changes will minimise costs taken from people’s superannuation.
If you have more than $6,000 in your super fund and are inactive for 16 months then your insurance will be removed until you set it up again.