Consolidating super

That’s why it’s important to look at consolidating or rolling all your super into one account.That way, you’ll only be paying one set of fees, and you’ll have a lot less paperwork to worry about.By simply logging into my Gov or creating a my Gov account, The ATO can help you to see details of all of your super accounts including any you have lost track of or forgotten about.They can then help you to transfer funds from the account or accounts you no longer want into your chosen fund.

It’s called Superannuation Guarantee (SG) and regardless of how big or small a business is, the contribution has to be made.

Every superannuation fund charges fees for managing your super investment.

These fees, especially those charged by Industry Super Funds, may be quite small, but if you have super with more than one fund, then you’re paying fees on every account – and these multiple fees can soon add up and eat into your retirement income.

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.

Different funds have different regulations and offer different services.

Before transferring your super out of one fund and into another, make sure you check for any termination or exit fees that your old fund might charge.

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