A NUDGE from the ATO can sometimes be a cause for worry, but the agency is behind a current push to help Mandurah retirement savers save money: lots of it.
According to figures released by the Australian Taxation Office, a staggering 56.9 percent of workers in and around Mandurah have two or more superannuation accounts. The ATO is encouraging people to consider consolidating their funds into one preferred account, potentially saving them thousands of dollars a year in fees.
“It is not uncommon for people to open a new super account when they start a new job instead of taking their superfund with them when they change jobs,” said John Shepherd, ATO assistant commissioner of superannuation. “Consolidating your super into one preferred account is easier than ever.”
Area residents are far above the national average for multiple superannuation accounts. The median cost for fees and charges for a low-cost super, such as an industry superfund, is $532 per year, figures from the Australian Prudential and Regulation Authority show. For the 26.9 per cent of Mandurah residents who have two accounts and the 30 percent who have three or more, that adds up.
The average for all working Australians is 45 per cent, and the figure is 49.1 per cent for Western Australia.
The ATO recommended using the myGov portal to check on supers and consolidate multiple accounts. Many people also lose track of old funds – to the tune of $5.8 billion nationwide – and they need to update their contact details, Shepherd said.
To use the portal, go to mygov.au to create an account, then link the ATO to it. Existing users can just log in and click on the ATO. Go to the Super tab and follow the prompts. For more information, go to ato.gov.au/superonline or go to ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics
