End of financial year best time to take stock of super: ATO

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The ATO is encouraging Australians to use the end of the financial year to take stock of their superannuation, and commit to growing their retirement savings.

ATO Assistant Commissioner Graham Whyte said the end of the financial year is the best time to check on superannuation.

“It’s so easy to take a few moments to check on your super while you’re already using ATO online services through myGov,” Whyte said.

“Just click the super tab on the ATO online home page to see your fund details, employer contributions, ATO-held super and more.”

“Checking on your super has become even easier this tax time, with new reporting requirements giving employees near real-time visibility over their employer super contributions.”

“Greater visibility of super will help Australians identify if their super is not being paid, and will provide more control over their retirement savings.

“Checking your balance, consolidating multiple accounts, or making an after-tax contribution are easy ways to boost your balance for retirement.”

The ATO says there are five simple things that can be done which can mean more money in retirement:

  1. Check your super statements
  2. Make sure your fund has your TFN
  3. Keep track of your super using myGov
  4. Consider government contributions
  5. Put extra money into your super

“We know most people think of super as something that goes on behind the scenes, however, I’d like to encourage everyone to set aside a bit of time to engage with their super,” Whyte said.

Super funds have been warning about the changes to insurance in super on 1 July 2019, and the ATO has warned about the changes to low balance accounts. Changes to the law mean super funds will be required to transfer accounts that haven’t receive a contribution for 16 months and have a balance under $6,000 to the ATO.

“We’re expecting millions of inactive low-balance accounts to be transferred to us in 2019–20. Where possible, we will proactively consolidate inactive low-balance accounts into active accounts – reuniting people with their super. If we hold your super, you can claim it from us anytime,” said the ATO.

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