Tax on transfers and rollovers between super funds
Tax on transfers and rollovers
between super funds
Generally, transfers to or from other super funds are not
taxed. However transfers from some government funds may
include an ‘untaxed element’, which may be subject to tax.
If you are transferring over an untaxed element from
another fund (including ESSSuper’s Beneficiary Account) to
your Accumulation Plan account, ESSSuper will deduct 15%
contributions tax from the untaxed element upon deposit
into the Accumulation Plan. If the amount of the untaxed
element is above $1,480,000*, the transferring fund must
also withhold tax at 47% including Medicare levy on the
amount above $1,480,000 at the time of the transfer.
* Untaxed plan cap amount current for the 2018/19 financial year.