Ok, driving to work this morning I heard on the radio about the Governments new plan to take any money in untouched super accounts that is $2000 or less. Yes that's right take! Any one reading this and you haven't consolidated all your accounts you need to get on it.
I found an article on it;
http://www.dailytelegraph.com.au/money/superannuation/tax-of…
The fear campaign on this is stupid.
Yes, the Tax office will take over management of your super, but you can transfer it to any fund you want, anytime afterwards. From later this year they will also automatically be able to roll over small balances to the new low fee mysuper.
So this is a good thing for nearly all average people, but a bad thing for greedy super funds.
Unfortunately, some media outlets operate for the benefit of the big end of town, not the listeners.
Indeed. With super account < $2000, it would be gone in no time anyway due to all the fees that all the big fund managers charge.
Fear campaign indeed. I seem to have fallen for it. This is what ozbargain is all about.
I have been meaning to do this, and out of fear I just signed up for the SuperSeeker account to consolidate all the lost super I have.
Turns out I had $26k worth of super, that has been consolidated into one account already it seems, just request the move it to my current super.
Cheers for the push.
I got a check for $54 from the ATO for some Super account I didn't know about. Can just bank it straight into my account.
unfortunately, only accounts that have received contributions in the last 2 years and with a balance of $2000? are reported to SuperSeeker. the new regulations should improve things, but they are still going to less than perfect if you have small amounts in difference accounts.
Also, try not to get into the situation of having lots of little super accounts in the first place. On commencing employment you can direct your employer to use one of your existing super accounts.