POWERED BY MOMENTUM MEDIA
Number of multiple accounts in slow decline
The number of people in Australia holding multiple superannuation accounts is reducing, but not as quickly as either the Government or the industry had hoped.
The Australian Taxation Office (ATO) has revealed that as at 30 June 2018, over 15.6 million people had a super fund account with about 39 per cent of these people having more than one account.
In data presented to the recent Association of Superannuation Funds of Australia (ASFA) conference, in Adelaide, ATO deputy commissioner, Superannuation, James O’Halloran, said the ATO estimated that the proportion of individuals holding only one super account increased from 55 per cent in 2013 to 61 per cent in 2017.
He said that, similarly, the percentage of individuals with three or more accounts was also gradually reducing, from 19 per cent in 2014 to 14 per cent in 2017.
However, O’Halloran said that, notwithstanding these positive results, there were over 160,000 individuals with six or more accounts.
“In support of the proposition that people need good information to support a change in behaviour, in the 2017-18 financial year through ATO online services (via myGov), some 532,000 accounts were consolidated by individuals, to the value of $3.18 billion,” he said.
“Further, over the past five financial years (1 July 2013 to 30 June 2018) about 2.21 million accounts to the value of $11.3 billion have been consolidated or transferred by individuals, using our online services.”
Recommended for you
AMP’s chief economist has unveiled a wish list for the Australian government’s Economic Reform Roundtable.
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
The best interests duty and new class of adviser didn't make the cut for the pre-election DBFO draft bill; however, ASFA has used its submission to outline what it wants to see from the final package.
The peak body stressed that the proposed financial advice reforms should “pass as soon as possible” and has thrown its weight behind super funds providing a greater level of advice.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
