13 Feb 1515
On lost super and consolidating super accounts
MEMBER 11 writes:
"Suggestion on how to manage the proliferation of superannuation accounts.
Why not issue each member of a super fund with a 'contributor number'. Not sure who but potentially the ATO could then host a web site where each contributor could maintain their preferred superannuation fund details and current employer details. Log in is simply the contributor number with a personal password. Each time they change jobs, contributors log in and change their employer details, including an email address, and this automatically emails the employer with the details of their preferred super fund. In addition to this, where employers are required to pay the SGC they could also quote the contributor number and this would assist the ATO in directing these contributions to the right people.
Or something similar."
MEMBER 12 writes:
"The ATO seems to have a large amount of information about lost Super both with names and TFNs yet seems to wish this to keep on increasing. Surely if it is working in the interests of taxpayers it should be pro-active about resolving this issue.
Where is their commitment to taxpayers? It seems to be hidden."
MEMBER 13 writes:
"Interesting to read comments about the ATO providing general (and potentially misleading) 'advice' to small businesses about how tax laws might affect them (see 2015 TAXVINE No 3 (6 February 2015), Member 8). I currently have an issue which I have asked the Financial Planning Association to address regarding the ATO providing 'illegal' financial product advice, in the media release of 2 February 2015 encouraging Australians to consolidate their super accounts, supposedly in order to save fees. I'm pretty sure the Assistant Commissioner of Superannuation doesn't hold a financial services licence which would enable him to give this advice.
Why doesn't the ATO stick to its knitting? A more focussed approach to providing good services might be a win-win for us all."