Home' The Loxton News : February 18th 2015 Contents 12 -- The Loxton News, Wednesday, February 18, 2015
Audit | Tax | Advisory | Financial Advice
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People with multiple superannuation accounts
could be paying thousands in unnecessary fees
every year, warns the Australian Taxation Office
According to figures released recently, 45 per cent of
working Australians have more than one super account.
The ATO is encouraging those with multiple accounts
to consider consolidating their super into one preferred
account. Australian Prudential and Regulation Authority
(APRA) figures show the median figure for fees and charges
paid by Australians for a low cost superannuation account is
$532 per year.
"It is not uncommon for people to open a new super
account when they start a new job instead of taking their
super fund with them when they change jobs," ATO assistant
commissioner of superannuation, John Shepherd, said.
"People might also have super accounts which they have
lost track of, for example, they may not have updated their
contact details with their funds when they moved house ---
there are still $5.8 billion worth of accounts in this category.
Australians are encouraged to use the improved MyGov
(my.gov.au) online portal to check their super accounts and
consolidate multiple accounts.
"Users can see all their accounts and consolidate them
with a few clicks and having one account minimises fees and
can help maximise retirement savings," Mr Shepherd said.
"We've recently seen a significant increase in Australians
merging their super into one preferred account with more
than 265,000 accounts with balances totalling $1.13 billion
consolidated in the six months to December, 2014. In one
case, 17 accounts were consolidated.
"This is a rise of 400 per cent from the six months to
December, 2013, when 52,000 accounts worth more than
$270 million were consolidated."
Mr Shepherd said that before people consolidate, they
should look at any insurance cover with each fund, as it will
be cancelled once they close their account.
"People should also make sure their super fund has their
tax file number. They'll pay less tax on their super and it will
help us to make sure all their super accounts are displayed
online," he added.
ATO: Consolidate your super and save
Thousands of workers' dollars wasted
A total of 43.8 per cent of South Australian workers have more
than one superannuation account, meaning thousands of dollars are
wasted every year according to the Australian Tax office.
Two accounts Three-plus accounts
56.2 per cent
26.6 per cent
17.2 per cent
Locals have been warned of the importance in
consolidating their superannuation accounts.
Youngsters' on song
Loxton will be well
represented in this year's musical
performance of Disney's Aladdin
Junior, with 80 per cent of the
cast hailing from local schools.
A group of 50 students showed off
their singing and dancing skills at the
Young Riverland Musical Society
(RMS) auditions, held at the Bonney
Executive producer Narelle James
said 42 from the field had secured
"Whilst 10 Riverland Schools will
be represented within the cast, 80 per
cent of the cast attend Loxton-based
schools," she said.
"Indeed, with the exception of
Princess Jasmine (Megan Sims, of
Renmark), all lead roles were won by
The lead role of Aladdin will be
performed by Loxton's Joshua Vivian.
Other main characters from the
region include Erin Patterson (Genie),
Peta Nicholson (Iago) and Christian
Mrs James said many who were in
lasts years' production of Annie have
returned, while there was also a field of
"Judging by the incredible quality of
the auditions it is going to be one magic
show," she said.
The cast have had their first rehearsal
and are already working together on
their characterisation and vocals.
"They all look so good. They have
blown me away," added Young RMS
vocal coach Sam Harkins.
Rehearsals will run throughout
February and March, with four
performances to be held at the Bonney
Theatre Barmera, on April 11 and 12.
If successful, the production team
hopes that the Young RMS musical
program may become an annual
inclusion of the Riverland Musical
ABOVE: Among the main 'mean team' characters in this year's inaugural Young Riverland Musical Society production of Disney's
Aladdin Junior are Loxton youngsters (from left) Anabel Van Der Hoek, Christian Hansen, Jacob Taylor, Georgy Grummet and
Peta Nicholson (front). BELOW: Loxton High School student Erin Patterson (back) will play the role of Genie, while Loxton Primary
School's Rebekah Thomson will play the Magic Carpet in the Young Riverland Musical Society's production of Disney's Aladdin
Junior this year.
Efforts to save the Mallee emu-wren, a
threatened species found locally, are set
to benefit from a Federal Government
A total of $743,000 of funding has been
announced for 11 new projects to protect plants
and animals at risk of extinction, which includes
$110,000 for the Mallee emu-wren program.
Federal Minister for the Environment Greg
Hunt said targeted action was "critical" to save
"Australia has a varied and fascinating mix of
plants and animals. We can't afford to lose them,"
"That's why these projects, targeting national-
ly-listed threatened species, are so worthwhile.
"This funding will make a real difference and
allow further action to protect endangered spe-
cies -- often in innovative ways."
The Mallee emu-wren can now only be found
in Murray-Sunset and Hattah-Kulkyne National
Parks, after former strongholds in Ngarkat and
Billiatt Conservation Parks were burnt out.
This funding boost adds to the Australian
Government's existing $50 million investment
in threatened species research, protection and
Threatened species commissioner Gregory
Andrews said this announcement is in addition to
last year's boost to threatened species protection in
the Commonwealth's own Parks Australia estate.
"Feral animals, weeds and uncontrolled fires
take their toll on native plant and animal life
nationwide so this time we're helping others
tackle similar challenges on different land ten-
ures," he added.
The 2015 Loxton Craft 'n' More Fete
will be held next weekend, with over 20
stalls taking part.
The event is a major fundraiser for the Loxton
Anglican Church and is being held in conjunc-
tion with the Loxton Mardi Gras Festival.
The fete will take place in the Loxton Anglican
Church Hall on Saturday, February 28 from
10am to 3pm. Gold coin donation for entry.
Gearing up for craft fete
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