Beware your Government Co-Contribution can be transferred into a Different Super Account

tradiesunited on 16/02/2018 - 13:01
Last edited 16/02/2018 - 13:01

Hi ozbargainers,

I deposited into Caresuper my $1000 because I am in the elligible braket for the maixmum co-contribution. I only found out today that the $500 co-contribution that the government paid is in a different super account, AMP, that I haven't touched for 10 years.

After speaking to the ATO, they said that the government only transfers the co-contribution to the super account that contacts them first. I told them that isn't fair because it should be the account that I self contributed and how did AMP even know that I self contributed $1000 into Care super in the first place? (still questions to unanswered)

I only found out today and the AMP funds balance of $500 are eaten up to nearly $0, since November 2017. Dam these super company's are soo ruthless.

Who has experience this also?

Financial

Comments

    • tradiesunited on 16/02/2018 - 15:33
      -1

      $500 Lesson learnt - all proceeds gone to feed the trust fund multimillionaire kids life on bondi

  • altitudinous on 16/02/2018 - 13:11

    They are swindlers. I have my super in order, however recently did some work with an org that mandates another particular super provider. They opened an account for me with that super provider, deposited the super and immediately due to the default insurance setup of that provider, the provider proceeded to eat all that super money up.

    Swindlers.

    • bobbified on 16/02/2018 - 15:05
      +1

      When you start employment, your employer must give you a Choice of Fund form. If you fail to fill out and return that form with your nominated Fund's details, then your employer will direct your super contributions to the default fund that they have selected.

      • Almost Banned on 16/02/2018 - 15:41

        Yep - I was going to say that if this happened 'recently' (I think this has been in place for around 10 years now), then it was probably illegal to compel you to use the employers' choice of fund - unless you are on a temporary migrant visa or similar.

    • FirstWizard on 16/02/2018 - 15:24

      A super company whose name starts with a U did the same to me :(

      • bobbified on 17/02/2018 - 04:31
        +1

        UniSuper? :p

  • tsunamisurfer on 16/02/2018 - 13:14
    +2

    I didn't even know the Member Protection was abolished….learn something every day.

  • wei13 on 16/02/2018 - 13:35
    +1

    I close all the super accounts that I don't use.

    • tradiesunited on 16/02/2018 - 15:34

      Yeah that’s what I’m in the process of doing. I didn’t know that when they consolitdate hat it doesn’t close the other account it just leaves the account inactive

  • Third_Gear on 17/02/2018 - 08:47

    Odd. You sure that the $500 was used for fees? I worked in super many years ago and there is a minimum threshold and if you were below it no fees were charged. This is to prevent super balances from going into negative. NM member protection removed. That sucks!!

    Super funds aren't swindlers. The issue is 90% of the Australian public don't know about managing one of their most important assets. The insurance that is applied by default is done to protect people against themselves by default. The number of claims I put through for people who had no idea they were insured was staggering.

  • try2bhelpful on 17/02/2018 - 09:45

    It does suck but you really need to keep track of your super accounts and roll everything over to minimise fees.

    https://www.ato.gov.au/Individuals/Super/Keeping-track-of-yo…

    this might help, it is a government site and you will need to create a login account.

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