Your ‘lost’ super could be costing you money

Wednesday, Feb 25, 2015

According to new figures released by the Tax Office, 45% of working Australians have more than one superannuation account, and many taxpayers are not even aware they have these extra, or even “lost”, super accounts.

The latest estimate puts the amount of lost super at about $20 billion. Changing jobs or moving house can often result in people losing track of super funds.

But the Tax Office warns that having multiple funds could mean that many Australians are paying more — even up to thousands of dollars — in unnecessary fees each year. 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 a year.

The Tax Office is encouraging anyone with more than one super fund to consider consolidating their super into one preferred account.
Conmtact our office on (08) 8384 4400 and have one of our financial advisers assist you to consolidate your superannuation accounts.