Original article by Michael Roddan
The Australian – Page: 6 : 1-Feb-19
The federal government’s legislative agenda for February will include a bill to enable the Australian Taxation Office to transfer monies from inactive superannuation accounts with low balances to the fund member. There are about 7.3 million inactive super accounts in Australia, and it is estimated that AMP alone generates at least $100m in fees each year from more than one million such accounts. Australians also pay some $2.6bn a year in fees for multiple super accounts.
AMP LIMITED – ASX AMP, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN LABOR PARTY, AUSTRALIANSUPER PTY LTD, MOTOR TRADES ASSOCIATION OF AUSTRALIA SUPERANNUATION FUND PTY LTD, REST SUPER PTY LTD, FIRST SUPER PTY LTD, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY