The ATO is, however, urging SMSF trustees to consider the benefits of consolidating these accounts.
“Consolidation can often make it easier for you to keep track of your super and you may save on fees and other charges,” the ATO said in a statement late last week.
According to ATO data from earlier this year, 45 per cent of working Australians aged between 18 and 35 still have more than one super account.
The ATO has, however, seen a significant increase in Australians merging their super into one preferred account, with more than 265,000 accounts with balances totalling $1.13 billion consolidated in the six months to December 2014.
In one case, 17 accounts were consolidated, the ATO noted.
Read more:
Ex-AFA chief makes case for new super tax proposal
SMSFs told to be wary of managed investment trust laws
Govt releases new information on commissioner powers
