Join Australia's most dynamic and respected property investment community

Super consolidating is super easy with mygov!

Discussion in 'Other Asset Classes' started by bob shovel, 2nd Sep, 2015.

?

how do you rate my performance with this matter?

  1. excellent, you rock my super!

    33.3%
  2. handy but i have other ways to manage my finances than some muppet or government website

    66.7%
  3. what's super??

    33.3%
  4. all of the above

    0 vote(s)
    0.0%
Multiple votes are allowed.
  1. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,373
    Location:
    Somewhere in the land of Oz
    Do you have multiple super accounts dwindling away?
    Have you lost track of how many accounts you have?
    Are you time poor and couldn't be buggered filling out paperwork to consolidate accounts?

    Well... Mygov is for you!

    Visit the website and register your details and tfn. it's easy as pie to see your account balances on each super account you have, plus it's only a few clicks of the mouse to transfer super to your other super accounts as you wish!

    I had 3 on the go, one which worked it's way down to $2 thanks to fees and charges (originally $2k with that employer) but with mygov I was able to move my beloved $2 to my main account

    *work it out yourself! I am in no way here to help any further than telling you to check out the mygov website
     
  2. Perthguy

    Perthguy Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    4,671
    Location:
    Perth
    I had 6 or 7 at one point. I spent about 10 years trying to consolidate them all into one account. I filled out all that stupid paperwork and lodged it multiple times. I got many refusals from super companies to move my funds from one super account with my full name, TFN and correct address details to another super account with the same full name, TFN and correct address details. Frustrating does not begin to describe it. It got worse after Labor got into power because they made it even more complex.

    Anyway, I closed my last 2 accounts using MyGov. It could not have been quicker or simpler. A couple of clicks and a couple of days later, it was all done! I am very happy... :)

    For the first time since 1983, I have ONE super account!
     
    bob shovel likes this.
  3. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,373
    Location:
    Somewhere in the land of Oz
    @Perthguy my wife and I tried the same a few years ago and it was really bad that they could run things the way they did. Jp certified everything, time limits to submit docs, issue after issue with the paperwork. It was a nightmare! I wonder how $ was lost to fees with super that was to hard to move due to their rules/policies
     
  4. Perthguy

    Perthguy Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    4,671
    Location:
    Perth
    Don't know how much but I reckon a lot. I forgot to mention that one company would only move my super when I fronted up in person. Funny story. Ok, so I had a number of accounts still open and that new requirement came in for certified ID. I checked out Australia Post but it was too expensive. So I photocopied all my ID's and went to one of the super companies to get them to certify my IDs. While I was waiting I dropped a snide remark to the front desk officer that I had applied a couple of times to move my super and been knocked back. The person was really nice and told me to wait and they would get someone to help. It didn't take long for an officer to arrive and explain the reason they hadn't moved my super was that they were really concerned about the account I was trying to move the super to, because it was a rollover account. This was all over $1,800 of super in an account that had been languishing for years. I didn't have the heart to tell the poor guy that (at the time) I was salary sacrificing $2k into super every month! :)

    The interesting thing was that other super companies finally started accepting applications with IDs that had been certified by a super company. Sigh.
     
    bob shovel likes this.
  5. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    I was only able to transfer 1 that I had for a short time and a low amount to another account. Still got about 3 that I can't do anything with through that website.
     
  6. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,358
    Location:
    Sydney
    Congratulations you now have consolidated many accounts into one industry fund that offers a default strategy. Not exactly a choice. Its the trade union ponzi scheme.

    I wonder if anyone considered:
    - Comparing fees and costs before acting
    - Insurances

    Amazing the myGov allows this but if an industry fund website did this ASIC would rip their arse from their legs.
     
  7. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,373
    Location:
    Somewhere in the land of Oz
    No way! But it's better to have it all in one account than having 3 accounts that don't make enough in interest to cover fees and charges
     
  8. Perthguy

    Perthguy Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    4,671
    Location:
    Perth
    Someone got up on the grumpy side of the bed this morning! ;) :)

    Gees! It only automates something that you could do manually before. It doesn't make you consolidate all your accounts, only the ones you choose. It also doesn't make you consolidate many accounts into one industry fund that offers a default strategy.

    Perhaps you would care to explain the advantages of having 7 accounts will balances ranging from $90 to $1,800? ;) :)
     
  9. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    1,647
    Location:
    Sydney
    This is not the case - when I did this a few years ago I had a choice of where to transfer my old super accounts to and I was easily able to transfer the balance to my SMSF.
     
  10. Perthguy

    Perthguy Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    4,671
    Location:
    Perth
    Not the case with me either. I transferred mine to a WA State Government super fund I had hanging around from years ago.

    It's interesting that I have hundreds of thousands of dollars invested in super and exactly zero of my own cash invested in property (interesting story). Naturally, I took the decision of which fund to consolidate all my investments to very seriously. Due diligence does not just apply to purchasing properties.