In a media release issued on 2 February 2015, the ATO says that Australians with multiple superannuation accounts could be paying thousands in unnecessary fees every year.
According to new figures released by ATO, 45% of working Australians have more than one superannuation account.
The ATO is encouraging those with multiple accounts to consider consolidating their superannuation into one preferred account. Australian Prudential and Regulation Authority (APRA) figures show the median figure for fees and charges paid by Australians for a low cost superannuation account is $532 per year.
The media release contains information about how to consolidate superannuation accounts through myGov.
For details of the amount of lost superannuation in Australia, which is in excess of $12 billion, broken down by state or territory and postcode, go here