Do you have a few superannuation accounts floating around with a few dollars in them? Do you know you need to consolidate but don’t know where to start? There are so many online search functions now to assist with locating lost super, but once you’ve filled in the copious amounts of paperwork, what happens when they come back saying you’ve got a number wrong, you need to provide more details, or (heaven forbid) you’ve changed your name and now need certified copies of all your documents? So many think ‘too hard’ and the super stays scattered.
A recent report from the Federal Treasury (taxandsuperaustralia.com.au) stated that there are around 6 million lost superannuation accounts that many working Australians do not even know about. With every change of job, address or name, current contact details may not be updated and that superannuation account is classified as ‘lost’.
So how does this end up costing you money?
Although many of these lost accounts only hold a small amount of money, they are still subject to superannuation fund fees. Much like a bank account left with just a bit of money, the fees are deducted every month/quarter/annually and your balance starts to dwindle. Transferring even the smallest amount to your current superannuation fund will ensure this money won’t get eaten up in fees. Having multiple funds just means multiple fees – unnecessary and expensive in the long run.
Even, and especially, if you have a Self-Managed Super Fund, you need to consolidate your superannuation accounts. This may have been completed when your accountant set up your SMSF or you may need to check you aren’t amongst the 45% of Australian’s with lost super.
The team at Integra Business Accountants can assist you with all of your lost superannuation, SMSF, and compliance enquiries to ensure you are getting the best return for your investment into super and not costing yourself money in unnecessary fees. Phone 9527 3071 or pop into our office at 2/1 Robinson Place, Rockingham to speak to our team today.