Finding super sparks $860 million worth of joy
New data released by the Australian Taxation Office (ATO) shows that Australians were busy finding and consolidating their superannuation accounts towards the end of 2018.
More than 66,000 people found and consolidated over 105,000 accounts worth more than $860 million from October to December 2018 using ATO online accessed via myGov.
Assistant Commissioner Graham Whyte said that these figures were an encouraging result as the ATO continues its drive to re-unite people with their hard-earned superannuation and minimise fees through consolidating multiple accounts. This represents 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. Seeing the extra money in your consolidated superannuation will definitely spark joy” Mr Whyte said.
People in New South Wales are leading the way in tidying up their superannuation.
“But there is still over $17.5 billion in lost and unclaimed super" Mr Whyte said.
You can view all your superannuation account details, including any that you have lost or forgotten, and consolidate your accounts any time by linking your 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.
For information on how to manage your super and view all your super accounts including lost and unclaimed super, see www.ato.gov.au/checkyoursuper
7 February 2019.