Moving all your super from multiple accounts into one account (known as “consolidating your super”) might help you to save on fees and make managing your super easier.

There is around $18 billion in lost super that is waiting to be claimed from more than 6 million lost or unclaimed accounts.

There were legislative amendments to increase the account balance threshold below which small lost member accounts will be required to be transferred to the Commissioner of Taxation, from $4,000 to $6,000 from 31 December 2016. Last year when the threshold lifted from $2,000 to $4,000, more than 130,000 extra accounts were transferred to the ATO. You can check your super accounts by registering for the ATO’s online services via MyGov. 

NOTE: There may be sound reasons for maintaining a separate small superannuation account. It may be prudent to assess those reasons (i.e. existing insurance cover) and, if those reasons are still valid, to take steps to ensure that you remain an active fund member.

Individuals can claim back their superannuation from the Commissioner at any time. Interest, calculated in accordance with the Consumer Price Index (CPI), has been payable on unclaimed superannuation money repaid since 1 July 2013.

TIP: Contact your adviser at WLM to ensure your super arrangements are appropriate and that you are not missing out on any lost super or extra fees.