ATO reunites fund members with lost super
The Australian Taxation Office (ATO) has developed an electronic form to make it easier to connect account holders with 5.8 million lost super accounts worth more than $18.8 billion.
Bill Shorten, Minister for Superannuation says this is the first of many developments to make consolidating lost super easier.
"We expect 8.4 million Australians to receive an increase in their retirement incomes as a result of the rise in the Superannuation Guarantee to 12 per cent,” says Shorten.
“Approximately 3.5 million Australians will benefit from the Low Income Earner's Government Contribution, and workers nearing retirement may benefit from higher concessional contributions caps and superannuation contributions up to age 75."
The process currently involves fund members posting certified copies of their ID to their fund once they’ve located their lost super. This new process will enable members to visit the ATO website, fill in a form and click a button to consolidate their super making the process less cumbersome.
The Government has released draft legislation allowing the ATO to administer the electronic portability form for public consultation.