|
|
|
Minimising your fees - consolidating your lost super
Changing jobs or even working casually may mean that you have more than one super account, each with small amounts.
You might be able to combine these small amounts into a single account in one fund, potentially saving on administration fees as well as simplifying your super for easier tracking.
For accounts of less than $200, superannuation law will allow you to take the money when you terminate your employment. You may have to pay tax if you take the money or you can roll it over into the super fund offered by your new employer.
For accounts of less than $1,000, special rules apply concerning the level of administration fees that are deducted from your account, so it’s best to contact your fund or seek professional advice from a financial planner.
Lost super
More often than you might expect, super funds lose track of members, or members lose track of their super accounts. It’s always a good idea to let your employer and super fund know when you change your name or address.
1Australian Taxation Office website
|
|
 |
Further Information |
 |
|
|