The Government’s plan to effectively close Eligible Rollover Funds (ERFs) is estimated to raise $143 million for the Budget. Late last year the Government announced it would move to effectively shut down ERFs by mid-2021. This would be done in three stages, first ERFs would be allowed to voluntarily transfer amounts to the ATO, then… Continue reading Closing Eligible Rollover Funds to raise $143 million for the Budget
The Government has announced it will move to effectively shut down Eligible Rollover Funds by mid-2021, with the superannuation going to the ATO. Eligible Rollover Funds (ERFs) are super funds designed to manage superannuation balances that are small, lost or inactive. But now the Government wants the ATO to solely have this job. Under the… Continue reading Eligible Rollover Funds to be shut down, under Government plan
Below is a summary of the different types of super funds, and there acronyms. Registrable Superannuation Entities (RSE) Registrable Superannuation Entities (RSEs) include: APRA regulated super funds Multi-member ADFs Pooled Superannuation Trusts Eligible Rollover Funds But RSEs do not include: SMSFs Public-sector superannuation schemes APRA maintains a list of RSEs.