$220m in lost super to be seized by Government
THE Turnbull Government is about to pocket a $220 million revenue windfall by seizing control of an estimated 100,000 super accounts.
At the end of the month, super funds will have to transfer to the Australian Taxation Office (ATO) “unclaimed” or “lost” super account balances of up to $6000 — an increase from the current threshold of $4000.
On December 31 last year, the threshold rose from $2000 to $4000.
While you may have a bit of time over the holiday period, it may pay to take an interest in your superannuation funds now, then reap the long term rewards from the compound returns.
Should you wish to review your superannuation, contact your Judge adviser to arrange a complimentary meeting.