Young Workers Encouraged to Save Money on Super Fees
Young working Australians could be wasting thousands of dollars in unnecessary fees every year just by having too many separate superannuation accounts.
According to figures released by the Australian Taxation Office (ATO), 45 per cent of working Australians aged between 18 and 35 have more than onesuper account.
- Create a myGov account at my.gov.au then link the ATO to your account
- If you already have a myGov account, just log in and click on the ATO
- Go to the Super tab
- You can do any of the following:
o See details of all your super accounts, including any you have forgotten about
o See details of any super the ATO is holding on your behalf
o Transfer your super online
o Combine multiple super accounts
- If you tried consolidating your super in the past and gave up frustrated, consider trying again. Once you have linked the ATO to your myGov account, the transfer process usually takes a few minutes and transactions will generally be processed within three working days
- There is no need to provide certified documents to super funds as in the past.
- For more information, go to https://www.ato.gov.au/superonline or for lost super data,
- Watch our video: Too many super accounts? “Simply log on and link to the ATO if you have not already done so. You’ll be able to see all your super accounts in one place and from there it’s simple to consolidate all your funds into a single account, saving you money in unnecessary fees.