Super not rolled over from your previous super fund could mean some of the $17.8 billion lost super may be yours.

The latest data reveals that since 2021, we’ve reunited or paid out almost $6.4 billion ATO-held super. Yet there’s still almost $17.8 billion lost super waiting for people to claim.

If you haven’t rolled over all of your super from your previous super fund into your SMSF, you could have lost super. The easiest way to find lost super is on ATO online services through myGov. For most people finding lost super will only take a few minutes.

You will need a myGov account linked to the ATO. Once you link your myGov account, you can also use the ATO app.

Easy to follow steps on finding lost super on ATO online services through myGov:

Log on to ATO online services through myGovExternal Link. From the top menu, select Super. Then select either:

• Fund details to check for lost super – if you want to keep your super with the same fund, contact them directly to update your details.
• Manage and then Transfer super to transfer this lost super to an eligible super account – or ask your fund to complete the transfer for you.
• Manage and then Transfer super to transfer ATO held super to an eligible super account.
• Manage and then Withdraw ATO-held super to have your super paid directly to you if the amount is less than $200 or you are over 65.

If you can’t see your SMSF account after following the directions above, it may be due to the compliance status of the SMSF. There may be restrictions applied that prohibit a transfer to an SMSF, such as the SMSF not being up to date with income tax obligations.

If you think you have lost or ATO held super but can’t see it on ATO online, we may not have all your details. Contact your previous super fund to check your member number, the amount of lost super and when it was transferred, then contact the ATO.

Find out more information by visiting searching for lost super.

Study Loan Refunds: What You Need to Know

A recent change in legislation may result in refunds for some clients.

What’s Changed?
A new bill has passed in parliament to update how annual indexation is calculated for study and training loans. Starting from 1 June 2023, indexation will now be based on the lower of two measures:

• The Consumer Price Index (CPI)
• The Wage Price Index (WPI)

This change has been applied retroactively, reducing indexation rates for the past two years:

• 1 June 2023: Reduced from 7.1% to 3.2%
• 1 June 2024: Reduced from 4.7% to 4%

How Does This Affect You?
For most clients, there’s no action needed! Excess indexation amounts are being automatically credited back to loan accounts.

If the adjustment results in a credit balance on a loan account, here’s what happens next:

1. Loan Credits: Excess amounts will be transferred to the client’s Income Tax account.
2. Debts Settled: Credits will be applied to any outstanding tax or Commonwealth debts.
3. Refunds Issued: Any remaining credit will be refunded to the client’s nominated bank account.

Most credits will appear on accounts by the end of January 2025. Complex cases may take a little longer to process.

What Should You Do?
To ensure smooth and timely refunds:

• Update Bank Details: If you’re listed as the nominated account, you’ll receive the refund. Reconcile this amount with your records.

Clients can visit the ATO website for more information by searching QC 49409 and reviewing the “Manage Agent Trust” (MAT) service section.

Please note: The ATO cannot provide a list of clients eligible for refunds at this stage.

If you own multiple residential properties in Victoria and any of those are vacant or are expected to be vacant for more than 6 months you will be subject to vacant residential land tax. This also applies if you use the property for irregular personal use or work.

Vacant residential land tax applies to all vacant residential properties in Victoria unless you nominate for an exemption by the 15th of January 2025.

Please contact our office for further information or assistance.

See fact sheet below:

Vacant residential land tax (VRLT)

Applies to residential land vacant for more than 6 months in the preceding calendar year. VRLT has been expanded from the inner and middle Melbourne suburbs, to all properties in Victoria.

VRLT applies in addition to general land tax.

Definition of Residential Land:

Includes land with a home, under renovation, or uninhabitable for over 2 years.

Excludes: unimproved land (vacant block), commercial premises, residential care facilities, and retirement villages.

VRLT Rate – Calculated on the capital improved value (CIV) of the property:

CIV includes the value of the land, buildings and any other capital improvements made to the property as determined by the general valuation process. CIV is displayed on the council rates notice.

VRLT for any year is assessed on the previous year’s occupation of the property. For example, VRLT in 2025 is based on a property’s vacancy in 2024.

Exemptions for Vacant Residential Land Tax (VRLT):

Homes that are unoccupied for more than 6 months of the preceding calendar year may be exempt from VRLT if:

• If the ownership of the property changed during the year.
• The property became residential during the year.
• The property became residential within the last 2 years & ownership is unchanged (extended to a maximum 3 years from 1 Jan 2025, provided the owner has made genuine and reasonable efforts to sell the land. VRLT will apply at 1% until it is sold). E.g. newly constructed property or a warehouse converted to residential housing.
• The property is used as a Holiday home occupied by the owner for at least 4 weeks continuous or aggregate (from 1 Jan 2025 includes relatives or certain beneficiaries of the home owner). Can only nominate one holiday home. SRO must be satisfied that the property was a genuine holiday home, having regard to its location and distance between the owner/beneficiary’s actual home and the holiday home, as well as the frequency and nature of its use.
• The property was occupied for at least 140 days by the owner or vested beneficiary for the purpose of attending work/business, and they have a principal place of residence (PPR) in Australia (homes owned by companies, associations or organisations are generally not eligible for this exemption).

What does ‘vacant’ mean:

A property is considered vacant if, for more than 6 months in the preceding calendar year, it has not been lived in by:

• the owner, or the owner’s permitted occupant, as their principal place of residence (PPR), or
• a person under a lease or short-term letting arrangement made in good faith.

The occupation does not need to be by the same occupant or for a single continuous period, and a beneficiary of a discretionary trust can be a permitted occupant.

It must actually be used and occupied for more than 6 months (not just available to occupy).

It can’t be used intermittently or on a casual basis by friends or family of the owner. The use and occupation must be either as a PPR or subject to a bona fide lease or letting arrangement.

Properties undergoing Construction and renovation:

Homes undergoing significant renovations or construction will not be considered vacant for up to 2 years from the date a building permit was issued. An extension can be requested under certain circumstances. There is no need to notify SRO for the first 2 years after the building permit was issued. Notification must be made in the third year.

Notification Requirements for Vacant Residential Land Tax (VRLT):

• Key Deadline: Notify the State Revenue Office (SRO) by 15 January if your property was vacant for over 6 months during the previous calendar year. Use the online portal to submit details.
• Missed Deadline: Late notifications should be submitted as soon as possible.
• Penalties for failing to notify:
  • 5% penalty tax for voluntary disclosure before an investigation.
  • 20% penalty tax if disclosed after an investigation starts.
  • Up to 90% penalty tax for intentional non-compliance or hindrance of an investigation.

From 1 January 2026:

Unimproved residential land in metropolitan Melbourne that has remained undeveloped for at least 5 years and is capable of residential development may attract VRLT from 1 January 2026 onwards. More information coming soon.

For further information please also see the below videos on the SRO website:
https://www.sro.vic.gov.au/videos/my-holiday-home-exempt-vacant-residential-land-tax
https://www.sro.vic.gov.au/videos/vacant-residential-land-tax-0

ASIC is warning investors to be on high alert following a significant increase in reports of stolen shares since August 2024 from people who have had their personal identity compromised.

Fraudsters are impersonating individuals and stealing their shares, with many victims unaware their shares have been transferred or sold until they receive a confirmation letter in the mail from a share registry or the Clearing House Electronic Subregister System (CHESS).

Australians previously affected by data breaches should be particularly alert to the increased likelihood of identity theft, given the availability of their personal information online.

Fraudulent activity using stolen identities is increasingly sophisticated, so it’s important to be vigilant and follow through with checks when you receive notifications that are unexpected or do not look right to you.

How does share sale fraud work?

A fraudster claiming to be ‘Jane Citizen’ creates a share trading account to sell shares owned by the real Jane Citizen. The ID used to open the account is stolen or fake, with the security reference number or holder identification number for Jane Citizen’s shares illegally obtained. A bank account may also be fraudulently opened with the name ‘Jane Citizen’ to receive proceeds from the share sale.

ASIC said it was important people know fraudsters can gather personal information not only from information available online but also by stealing mail from letterboxes.

ASIC strongly encourages all investors to be on the lookout for suspicious activity when it comes to their share registry, share trading and bank accounts, and to take steps as soon as something doesn’t look right.

How to be vigilant and act if something looks suspicious

• Review your share portfolios regularly, regardless of whether they are issuer-sponsored holdings registered with share registries or held in share trading accounts with stockbrokers, so you’re quicker to detect unauthorised activity. It is also prudent to regularly review your other investment accounts such as super and managed funds. 
• Use passphrases rather than simple passwords for online accounts.
• Turn on multi-factor authentication, if it’s available, as this can add an extra layer of security to prove your identity.
• Lock your letterbox to prevent mail theft and check it frequently.
• Ensure you have provided your most up to date contact details to your stockbroker, share registries and financial services providers.
• If you receive a new bank card or correspondence that is unexpected, like an update on how your shares are held, the creation of a new account, a notification of sale of your shares or confirmation of a change in contact details, don’t ignore the correspondence.
• If something is unexpected or feels wrong, act quickly. Call your stockbroker, the share registry or bank if there is activity you didn’t authorise and change your passwords.
• Contact the party that sent you the correspondence using the contact details from the organisation’s official website (not the email or letter which may be fraudulent).
• Report any incidents to Scamwatch.
• Contact IDCARE, a free government-funded service, which can help to develop a specific response plan if your identity has been compromised.
• If you’re a victim of fraud, you may also request that credit reporting bodies place a ban period on your consumer credit report, so it can’t be used as part of a credit check.

Where to go for more information

See our Moneysmart website for a range of tips to protect yourself from identity fraud.

You can also find further information on the Government’s IDMatch website.