It’s estimated that over 6 million Australians have more than one super account. Do you?
At Liston Newton Advisory, our goal is to help you harness the power of your super, so you can take advantage of that money you’ve worked so hard to earn.
Importantly, we know that there’s more to super than just the money. Our expert team will also investigate any personal insurance held with your superannuation and ensure this cover isn’t lost when you consolidate your super funds.
"Our family have been Liston Newton Advisory clients for a very long time. Their professionalism is outstanding — and having just retired, their advice and assistance in setting up our SMSF has been invaluable. We have complete trust and confidence in their service and would recommend them highly."
We have worked with Liston Newton's Accountants and Advisory Team for over a decade. During that time, our business has grown substantially both organically and through purchases. This wouldn’t have been possible without Liston Newton Advisory to assist with our business planning, providing proactive advice and ensuring our accounts were always compliant in a complex and volatile industry.
Liston Newton's Accountants analysed our financial and business situation and helped us implement strategies to improve our position. Their strategies turned our business from making a loss, to recording a 6-month net profit of 36 per cent. And we are now on track to show a 240 per cent increase in turnover over the next financial year.
Liston Newton helped us move our accounting over to Xero. Their Accountant managed the set up and training so we felt comfortable with the software. We now have all our processes streamlined which gives us improved visibility of our business performance. This has allowed us to open 2 more stores without a significant increase in administration effort.
Get the right advice when planning for your future.
Our super consolidation specialists will help you put the plans in place that allow you to make the most of your retirement.
‘Lost’ super is a surprisingly common occurrence, and can occur for a number of reasons. For example, you might undertake a short-term job, have a new super fund created in your name, then move on to another company and forget about that fund. Or you might change contact details, and your super fund may lose track as your details change.
Your account is considered ‘lost’ when your fund makes two written communication attempts to contact you, which are then returned unclaimed.
Super funds are required by Australian tax law to notify the ATO of any lost members, so they will then provide your details to the ATO. Your super balance will be held by the fund until claimed, or it’s consolidated with another eligible super fund.
Consolidating your superannuation accounts requires searching and finding all the super accounts you may have in your name. In some cases, you may even hold super accounts without knowing it.
There are two ways you can go about consolidating your super.
Alternatively, if you know which super funds you hold, you can head to the ATO website and fill out a Request for rollover of the whole balance of super benefits between funds form.
But this can often be a lot of work. Instead, your Liston Newton financial adviser can help you track down your lost super for you, and manage the steps necessary to consolidate your super funds.
While you won’t pay any out-of-pocket fees for consolidating your super, there may be associated administration fees from your super providers for each super account you have. So check with your super provider to find out the specific fees they have involved.
Consolidating your super account has a few big benefits.
Unfortunately, there is no set timeframe for consolidating your super. It all depends on the number of accounts you have, and the speed and efficiency with which your super fund works.
The actual transfer of funds, however, is a simple account-to-account transfer. This process shouldn’t take more than 3 to 5 days.
With a standard retail or industry super fund only one person is able to use this account for their super. So no, you can’t combine super with your spouse if you hold one of these accounts.
However, if you hold a self-managed super fund, this is effectively a savings account that you manage yourself. So in this case you can combine your super with your spouse, but only if you both use this account.
Get in touch with our SMSF advisers to find out more about setting up and managing an SMSF.
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