Reclaim super before it’s too late

The Association of Super Funds of Australia (ASFA) is calling on nearly 15 million Australians with multiple super accounts to come forward and claim the $2.5 billion in superannuation payments sitting in consolidated revenue from forgotten or inactive accounts.

ASFA chief executive, Martin Fahy, said Australians could "be their own Santa" this year and claim their rightful super income.

"Super belongs to individuals and families so gift yourself and give super a go to boost your savings," he said.

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"Take an interest in your super now, while you may have a bit of holiday time, then reap the long-term rewards.

"In addition to getting your money back from the government there are compound interest benefits from being invested in super."

According to ASFA statistics, around 300,000 people had more than six accounts, while 14.8 million Australians had lost or missing super.

Inactive super accounts with balances under $4,000 must be transferred to consolidated revenue, via the Australian Tax Office (ATO). The threshold would rise during December to capture accounts valued up to $6000.

ASFA expected that 100,000 accounts would be captured during December in the wake of the threshold rise.




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