The Australian Taxation Office (ATO) has released new information revealing a surge in people consolidating their superannuation accounts in the final three months of 2018.
Assistant Taxation Commissioner, Graham Whyte said more than 66,000 people found and consolidated more than 105,000 accounts worth more than $860 million.
Mr Whyte said the figures were an encouraging result as the ATO continued its drive to re-unite people with their hard-earned superannuation and minimise fees through consolidating multiple accounts.
He said it represented real savings and a better retirement outcome.
“Tidying up seems to be a hot topic at the moment, so before you spend too much time re-organising your sock drawer and kitchen cupboards this summer, take a few minutes to tidy up your superannuation,” Mr Whyte said.
“Seeing the extra money in your consolidated superannuation will definitely spark joy.”
He said people in NSW were leading the way in tidying up their superannuation, but there was still over $17.5 billion in lost and unclaimed super.
He said people could view all their superannuation account details, including any that had been lost or forgotten, and consolidate their accounts any time by linking their myGov account to ATO online services.
“If you’re not sure whether to consolidate, check with your super fund who can advise you on issues such as insurance that may be attached to your accounts”, Mr Whyte said.
