Retirement
Changing your name, job or address enough to cut super ties
Australians who have changed their job, name, address or lived overseas probably have hidden superannuation, the Tax Office has said, calling on Australians to consolidate.
Changing your name, job or address enough to cut super ties
Australians who have changed their job, name, address or lived overseas probably have hidden superannuation, the Tax Office has said, calling on Australians to consolidate.
The Australian Taxation Office (ATO) is urging taxpayers to get their super together and protect themselves from multiple sets of fees as tax time begins.
“Tax time is the best time to check your super. Most people might not realise how easy it is, you just click on the super tab next to the tax tab while you are online to do your tax or check your return, and you could find super you have forgotten you have," deputy commissioner James O’Halloran said.
“Finding your lost super or consolidating any unwanted multiple accounts might not seem like it matters today, but it could make a massive difference to your retirement,” he continued, noting that there’s more than $18 billion in lost and unclaimed superannuation.
“Multiple accounts that you may not be aware of means multiple fees. It’s your money and you should make sure it’s working for you.”
The ATO’s online services have seen more than $10.7 billion in super consolidated from 3.1 million accounts over the last five years.
Mr O’Halloran said taxpayers younger than 75 should also remember they can claim a deduction for personal after-tax super contributions, arguing this provides flexibility for those who change jobs frequently, the self-employed, small business employees and others whose employers don’t offer salary sacrifice arrangements.
In order to receive the deduction, members need to lodge a notice of intent with their fund and receive the confirmation letter from them prior to lodging the tax return.
“Being able to claim a deduction for after-tax personal super contributions could benefit millions of Australians and is one of the most significant changes to the tax system this year,” Mr O’Halloran concluded.
RELATED ARTICLES
Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more
Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more
Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more
Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more
Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more
Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more
Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more
Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more
Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more
Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more
Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more
Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more
Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more
Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more
Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more
Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more
