Residents urged to consolidate super accounts
|16/04/2019||Posted by admin under 南京夜网||
FIGURES: Whyalla residents with multiple superannuation accounts could be paying thousands in unnecessary fees every year and are being urged to consolidate their accounts.Whyalla residents with multiple superannuation accounts could be paying thousands in unnecessary fees every year.
The Australian Tax Office is urging Whyalla residents to combine their superannuation into one account to reduce the amount they pay in fees each year.
New figures released by the ATO reveal 47.3 per cent of workers in and around Whyalla have more than one superannuation account, meaning thousands of dollars are wasted every year.
ATO assistant commissioner of superannuation John Shepherd said consolidating your super had never been easier and with the work year back in full swing, now was the perfect time for Whyalla residents to make a fresh start with their finances.
“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.”
Residents are being encouraged to use the updated myGov online portal to check their super accounts and consolidate multiple accounts.
“We have simplified the process since our online services were first launched and it’s now easier than ever to consolidate your super,” he said.
“If you’ve tried to combine your accounts before and found it difficult to do, give it another go.”
According to the latest figures by the Australian Taxation Office, 45 per cent of working Australians have more than one super account.
Australian Prudential and Regulation Authority figures show the median figure for fees and charges paid by Australians for a low cost superannuation account is $532 per year.
This story Administrator ready to work first appeared on Nanjing Night Net.