ATO urges members to ‘tidy up’ multiple super accounts
While the ATO said it is encouraging that 66,000 people consolidated over 105,000 accounts from October to December last year, there is more to be done with the consolidation of multiple super accounts.
New data from the ATO indicates that 66,000 people consolidated 105,000 accounts worth more than $860 million from October to December 2018 via MyGov.
ATO assistant commissioner Graham Whyte said that while these figures are encouraging as the ATO continues its drive to reunite Australians with their superannuation and minimise fees through multiple accounts, there is still over $17.5 billion in lost and unclaimed super.
“Tidying up seems to be a hot topic at the moment, so before you spend too much time reorganising your sock drawer and kitchen cupboards this summer, take a few minutes to tidy up your superannuation. Seeing the extra money in your consolidated superannuation will definitely spark joy,” Mr Whyte said.
Members who are unsure of whether to consolidate should check with their fund about issues such as insurance that may be attached to their accounts, he said.
