Australians have just one week before inactive superannuation accounts with less than $2,000 must be sent to the Australian Tax Office.
In December the Government passed a new law requiring superannuation funds to send such balances to the ATO by 31 May.
BT Financial Group General Manager of Superannuation, Deanne Stewart, said the new law was positive because it protected the erosion of smaller balances, which would otherwise be subject to insurance and administration costs.
“Our research shows that few Australians will retire with adequate retirement funds. An Australian on the average wage of $72,400 will only replace half of their income in their retirement – well short of the Government’s recommended 70%.
“Australians will need every dollar of their superannuation to be working for them in the lead up to and during retirement.
“There are a number of simple steps Australians can take to increase their superannuation balances starting with finding their lost super and consolidating their funds to potentially avoid duplicating fees.”