Consolidating superannuation ato
The my Gov website also has the functionality for you to rollover or consolidates all your superannuation (within three business days).
If you do not want to register for my Gov, your superannuation fund will be able help you to locate your lost superannuation and consolidate it for you.
The new treatment of inactive low-balance accounts means affected members risk losing out on valuable insurance cover and future investment returns when the balance is transferred to the ATO and the account closed.
As First Super has members who work in a range of high-risk occupations and who have families younger than white-collar sectors, for whom the insurance is valuable, we have concerns about this auto-consolidation move.
The Government’s Protecting Your Super package – announced in the 2018-19 Budget – is a comprehensive package of regulatory reforms designed to protect Australians’ superannuation savings from undue erosion by fees and insurance premiums.
The Government has released for public consultation exposure draft legislation and explanatory material to implement the package, which contains the following elements: Treasury received 45 submissions in response to this consultation. The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.
An inactive low-balance member has been defined as someone who hasn’t made a contribution to a particular super fund account for 16 months or more, and has an account of ,000 or less.
Before consolidating your super, you should speak to a licenced financial planning professional, (preferably one who is independent), so they can provide you with objective information and advice which is in your best interest.
A financial planning professional will also help you to understand the insurance terms, conditions and definitions in each of your superannuation funds and assist you to transfer the insurance cover you have in one superannuation fund to another.
The my Gov website will allow you to link all of your government interactions in one place.
Once registered, you can link your profile to the ATO website and then view the details for all your superannuation funds.