“Young working Australians could be wasting thousands of dollars in unnecessary fees every year just by having too many separate superannuation accounts,” said the ATO.
Consolidate superannuation accounts
45% of working Australians have more than one superannuation account, according to the ATO.
These multiple superannuation accounts could be costing “thousands in unnecessary fees every year.”
“The ATO is encouraging those with multiple accounts to consider consolidating their super into one preferred account.”
Source: ATO Super accounts data overview