News

ATO, Superannuation

Members find super worth over $860m

New data released by the ATO today showed more than 66,000 superannuation members found and consolidated more than 105,000 super accounts at the end of 2018.

Using ATO online services via myGov, members consolidated accounts worth more than $860 million from October to December 2018.

ATO assistant commissioner Graham Whyte said the figures are encouraging as the ATO continues its push to encourage members to consolidate multiple super accounts and minimise fees.

Whyte said members in New South Wales are leading other states in merging their accounts.

“But there is still over $17.5 billion in lost and unclaimed super,” he said.

Members can view all their super account details, including any they have lost or forgotten, and consolidate accounts by linking their myGov account to ATO online services, he advised.

“Tidying up seems to be a hot topic at the moment, so before you spend too much time reorganising your sock drawer and kitchen cupboards this summer, take a few minutes to tidy up your superannuation,” he said.

Copyright © SMS Magazine 2019

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital