Multiple super accounts declining
The Federal Government and the regulators appear to have succeeded in reducing the number of people in Australia holding multiple superannuation accounts.
The latest data released by a senior Australian Taxation Office (ATO) executive has revealed that most people (56 per cent) now have only one account, and that 26 per cent of people hold two accounts.
However the data also shows that around 18 per cent of people also have three or four accounts.
The data was revealed by ATO Assistant Commissioner, John Shepherd, who told a recent Tax Institute event that Tax File Number (TFN) matching had gone a long way towards identifying people with multiple super accounts.
"We're taking a special interest in the issue of individuals with multiple super accounts. Now that APRA-regulated funds report all super accounts to the ATO annually, we're looking at those matched to a TFN along with matched SMSF accounts to gauge the number of super accounts that individuals hold," he said.
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