How to Consolidate Australian Superannuation: Save Fees via myGov ATO
If you have worked multiple jobs on the Gold Coast or across Australia on a Working Holiday Visa or Student Visa, chances are you might have more than one Superannuation (Super) account.
When starting a new job, if you do not provide your existing Super fund details to your new employer, they will automatically open a default Super account for you. Holding multiple Super accounts means paying multiple monthly administration fees and insurance premiums, quietly draining your hard-earned retirement savings!
Written by a local Coastie, here is a complete guide to consolidating your Australian Super accounts into one master account using myGov, saving you hundreds of dollars in unnecessary fees.
1. Why Having Multiple Super Accounts Costs You Money
Having two or three active Super accounts might not seem like a big deal, but the hidden costs add up quickly:
Duplicate Admin Fees: Every Super fund charges account-keeping fees (usually $1.50 to $3.00 per week plus percentage management fees). Having 3 accounts means paying triple the fees every month!
Multiple Insurance Premiums: Many default Super funds automatically attach personal insurance policies (Income Protection or Death/TPD cover) that deduct monthly premiums from your balance.
Lost Super: Millions of dollars in "lost super" are held by the ATO because temporary workers move houses, change jobs, or return overseas without consolidating their funds.
2. Step-by-Step: How to Consolidate Super via myGov (ATO)
The Australian Taxation Office (ATO) makes consolidating your Super accounts completely free and easy through your online portal. It takes less than 5 minutes:
Log into myGov: Access your my.gov.au account and select your linked Australian Taxation Office (ATO) service.
Navigate to Superannuation: Click on the Super tab at the top menu and select Manage -> Transfer super.
View Your Active Accounts: The ATO dashboard will display all Super accounts ever opened under your Tax File Number (TFN), including your current balances and any lost Super held by the ATO.
Select Your Primary Fund: Choose one main Super fund that you want to keep (e.g., AustralianSuper, Hostplus, ART).
Request Transfer: Select the accounts you wish to close and merge into your primary fund, then click Submit. The funds will automatically transfer within a few business days!
3. Essential Tips Before Merging Your Super Accounts
Before clicking submit on myGov, check these two quick points:
Compare Performance and Fees: Keep the Super fund that offers the lowest administration fees and strongest historical investment returns.
Check Insurance Cover: If you have important insurance coverage tied to an old Super account that you actually need, transferring the balance will automatically cancel that insurance policy. Make sure your main fund provides adequate cover first!
Consolidating your Superannuation is one of the easiest ways to protect your income while working on the Gold Coast. How many Super accounts do you currently hold Down Under? Let me know your thoughts or share your questions in the comments section below!
- Coastie