How to consolidate your super accounts in Australia

Why multiple accounts cost you money

Every super account charges an administration fee — typically AUD 50–150 per year as a flat amount, plus a percentage-based investment fee. If you have three accounts, you are paying three sets of administration fees. On small balances, the flat fee represents a disproportionately large drag on returns.

Most accounts also include default insurance — life cover and TPD (total and permanent disability) cover — with premiums deducted from your balance. Having three accounts with default insurance means you are paying three sets of insurance premiums, even though you only need one set of cover.

The impact is measurable. If each account charges AUD 100 per year in admin fees and AUD 200 per year in insurance premiums, three accounts cost you AUD 900 per year. Over 10 years, that is AUD 9,000 — money that would otherwise be invested and compounding in your super.

How to find all your super accounts

The ATO's myGov-linked online services provide a consolidated view of all super accounts held in your name across all funds. To access this, create a myGov account (if you do not already have one), link your ATO account to myGov using your TFN and identity verification, navigate to the "Super" section, and view your super accounts (ATO).

The system shows each fund you have a balance with, the approximate balance, and the fund's contact details. It also identifies any lost or unclaimed super — accounts where the fund has lost contact with you or where the balance has been transferred to the ATO.

If you have changed your name since some accounts were opened (for example, after marriage), some accounts may not be automatically linked. Contact those funds directly with evidence of your name change to update your records.

The consolidation process

Once you have identified all your accounts and chosen which fund you want to keep (see the guide on choosing a super fund), the consolidation process is straightforward.

Through the ATO's myGov-linked services, you can initiate a rollover from any of your existing accounts to your chosen fund. Select the accounts you want to close, specify the destination fund (your chosen fund), and confirm the rollover. The ATO processes the request and the funds transfer between the super funds directly — you do not receive the money in your personal bank account.

Processing typically takes three to five business days, though some funds may take longer.

You can also initiate rollovers through your chosen fund's website or app. Most funds have a "consolidate" or "roll in" function that lets you search for your other accounts and initiate the transfer.

There are no fees for rolling over between super funds. Exit fees on super accounts were banned in 2019.

Before you consolidate: things to check

While consolidation is almost always beneficial, check a few things before proceeding.

Insurance cover in your existing accounts will be cancelled when the account is closed. If you have insurance through one of your old funds that you want to keep (for example, because it covers a pre-existing condition that your new fund might exclude), arrange equivalent cover through your new fund before closing the old account. There may be a gap period during which you are not covered.

If you are planning to claim DASP, consolidating before departure simplifies the process — you only need to claim from one fund instead of multiple funds. This is particularly relevant for temporary visa holders who expect to leave Australia.

If any of your accounts hold insurance-only super (where the balance is too low to generate meaningful investment returns but maintains insurance cover), closing the account terminates that insurance. Assess whether the insurance is valuable before consolidating.

Lost and unclaimed super

The ATO holds billions of dollars in lost and unclaimed super — money that has been transferred from super funds because the fund could not contact the member, or because the account balance fell below a threshold.

Lost super is super held by a fund that has lost contact with you. It still belongs to you, but the fund cannot reach you to provide statements or update your details. The ATO's myGov service shows lost super accounts alongside your active accounts.

Unclaimed super is money that has been transferred from a fund to the ATO. This happens when a member is uncontactable and the account balance is below a threshold, or when the member has died and no beneficiary has claimed the balance. Unclaimed super held by the ATO can be claimed through the ATO's online services.

For migrants who worked in Australia years ago and then left, unclaimed super may be sitting with the ATO. Even former temporary visa holders who did not claim DASP at the time may find unclaimed balances. Checking through myGov — or by contacting the ATO directly if you no longer have myGov access — is worthwhile.

Consolidation for temporary visa holders planning to leave

If you are a temporary visa holder planning to leave Australia and claim DASP, consolidating all your super into one fund before departure is strongly recommended. The DASP claim process requires you to apply to each fund separately — having one fund means one application, one processing time, and one payment.

Choose the fund with the lowest fees for the consolidation, since you will be closing the account shortly after. Ensure your TFN is linked to the consolidated account (this speeds up DASP processing). Note the fund's name, ABN, USI, and your membership number — you will need these details for the DASP application after departure.

Is there a fee for consolidating super?

No. Rolling over between super funds is free. Exit fees on super were banned in 2019.

Will I lose my insurance if I consolidate?

Insurance in the accounts you close will be cancelled. Insurance in the account you keep remains active. If you need insurance cover, ensure your chosen fund provides adequate cover before closing other accounts.

How long does consolidation take?

Typically three to five business days for the funds to transfer. Some funds may take up to two weeks. The rollover is processed between the funds — you do not need to do anything after initiating the request.

Can I consolidate if I have already left Australia?

Yes, if you still have myGov access and can log in to the ATO's online services. Consolidating before leaving is easier, but it can be done remotely. If you have lost myGov access, contact the ATO's superannuation enquiries line.

What if I have super in a fund I cannot identify?

The ATO's online services show all super accounts linked to your TFN, including funds you may not remember. If an account does not appear, it may be because your TFN was not linked to it — contact the ATO to investigate.