Two clicks to sort your super
THE Australian Taxation Office (ATO) is urging all taxpayers to take a few moments to check their superannuation while using ATO online services through my Gov this tax time. Deputy Commissioner James O’Halloran said tax time is the best time to check your super. “Most people might not realise how easy it is, you just click on the super tab next to the tax tab while you are online to do your tax or check your return, and you could find super you have forgotten you have,” he said. “Finding your lost super or consolidating any unwanted multiple accounts might not seem like it matters today, but it could make a massive difference to your retirement.” “Multiple accounts that you may not be aware of means multiple fees. “It’s your money and you should make sure it’s working for you.” Australians have over $18 billion in lost and unclaimed super. If you have ever changed your name, address, job or lived overseas, chances are you may have lost super waiting to be claimed. During the last five years more than $10.7 billion of super has been consolidated from over 2.1 million accounts through ATO online services. Another important thing to remember this tax time is the new super deduction available to help Australians set themselves up for the future. Most people under 75 years of age can claim a tax deduction for personal after-tax super contributions. Personal superannuation contributions deductions (PSCD) provide a level of flexibility for young people that change jobs frequently, self-employed contractors, small business employees, freelancers and people whose employers do not offer salary sacrifice arrangements. “Being able to claim a deduction for after-tax personal super contributions could benefit millions of Australians and is one of the most significant changes to the tax system this year,” Mr O’Halloran said. To get a deduction for any personal superannuation contributions you made in 2017/18 you must lodge a notice of intent to claim a deduction with your fund and receive a confirmation letter from them before lodging your tax return. For more details on lost super, see ato.gov.au/Individuals/Super/Keeping-track-of-yoursuper/; or for information on personal super contributions deductions see ato.gov.au/Individuals/Super/Growing-yoursuper/Adding-to-my-super/Personal-super-contributions/.