Consolidating superannuation funds

Posted by / 09-Jul-2016 00:09

Consolidating superannuation funds

If a lost member's balance is ,000 or less, the fund has to transfer the money to the ATO and that is known as ‘unclaimed super’.Unclaimed super can be claimed at any time, with up to .5bn being returned to individuals during the 2015-16 financial year, according to the ATO.It’s called Superannuation Guarantee (SG) and regardless of how big or small a business is, the contribution has to be made.But keeping track of it might be tricky if you change jobs, or work several part-time jobs, or are employed on a casual basis.The ATO highlights that you should try to make certain that your super fund has your tax file number (TFN) because that can help to reunite you with your super at any stage of your life.Members can lose contact with their super funds when they change jobs, move house, or forget to update their details.Casual workers, students and workers with multiple part-time jobs can be unaware that they have super, or they may have forgotten about it.

If you've had a number of jobs over your career, you might have multiple superannuation funds. This short video explains consolidation, the benefits and what you need to consider when consolidating your super accounts.Consolidation simply means moving all of those funds into one account.Consolidating your superannuation will not only make it easier to manage, but it could also help you save some money on fees.But be mindful, transferring your superannuation over to one single account might mean changing some of the benefits you have with your existing superannuation fund.

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