You wouldn’t pay to put two kitchens in your home, so why would you pay to have two (or more) super accounts? It sounds crazy, but many Australians are doing just that. Even though, right now, it is super easy to rollover all your super into one, low-fee account and save money for retirement. Also superannuation rules mean that if you don’t get your hands on any of your extra super accounts that may be inactive, they could be rolled over to the Australian Taxation Office (ATO).
From October 2019, super held in any inactive super account (i.e. no activity for at least 16 months) with a balance less than $6,000 is transferred to the ATO. The ATO then attempts to match this with your active account (the account your employer deposits super into), but it might not be able to do this.
If the funds can’t be matched, the money sits with the ATO, earning only minimal interest and not growing very much. And to get your super back and into another superannuation account of your choice, you will need to claim it via myGov.
Every super fund charges fees for managing your superannuation investment. These fees may be quite small, especially those charged by Industry SuperFunds, but if you have super with more than one fund, then you’re paying fees on every account. Multiple fees quickly add up and eat into your retirement income; the Productivity Commission estimated this could cost you more than $50,000 of your retirement savings.
That’s why it’s important to look at consolidating all your super into one account, so you’re only paying one set of fees. Plus, you’ll have a lot less paperwork to worry about.
If the insurance in your super fund is important to you then check the fund you’re rolling into offers the amount and type of insurance you need. (e.g. Death and Disability insurance and Income Protection cover). When consolidating your super from one account to another any insurance coverage you have in your old fund will cease. If you’re unsure, contact your fund.
Call: 1300 789 932
Call: 1300 348 546
Call: 1300 734 479
Call: 1300 361 784
Call: 1800 005 166
Call: 1300 664 781
Call: 1800 222 071
Call: 1300 360 988
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