Australians losing thousands in super fees annually

The following information is taken from an article published 6th March 2015 on the Australian Taxation Office website.

It essentially says that Australians with multiple superannuation accounts could be paying thousands in unnecessary fees every year.  It suggests 45 per cent of working Australians have more than one super account so the ATO is encouraging multiple account holder to consider consolidating their super into one preferred account.

Australian Prudential and Regulation Authority (APRA) figures show the median figure for fees and charges paid by Australians for a low cost superannuation account is $532 per year.

“Consolidating your super into one preferred account is easier than ever and the New Year is the perfect opportunity to make a fresh start with your finances.” says ATO Assistant Commissioner of Superannuation, John Shepherd.

“It is not uncommon for people to open a new super account when they start a new job instead of taking their super fund with them when they change jobs,” Mr Shepherd said.

“People might also have super accounts which they have lost track of, for example, they may not have updated their contact details with their funds when they moved house — there are still $5.8 billion worth of accounts in this category,” he said.

If you’ve tried to combine your accounts before and found it difficult to do, give us a call or contact us via the Contact Us page. While we’re at it we’ll review any insurance cover with each fund, as it may be affected by the consolidation process. We’ll also make sure your super fund has your tax file number. You’ll pay less tax on your super and it will help make sure all your super details are correct.