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The Australian Tax Office (ATO) has launched the YourSuper comparison tool which will help consumers compare the performance and fees of their MySuper superannuation products.
Super Consumers Australia Director Xavier O’Halloran said the tool would help Australians make better informed decisions about their superannuation.
“Its impact will be a game changer in superannuation,” Mr O’Halloran said.
“Empowering consumers with quality decision-making tools will level the playing field."
Mr O’Halloran said consumers would reveal the best products in the market.
“Consumers can now rank funds by net investment returns or fees, which are two very important factors when choosing a fund,” he said.
“When the underperformance test results are finalised later in the year, some funds will also be highlighted as having failed to add enough value to people’s retirement savings.”
The tool can be accessed through MyGov and the ATO website and will also allow people to enter in their current age and balance and consolidate multiple accounts.
“This first iteration of the tool is easy to use and compares MySuper products, which are typically low-cost, simple options, which people are defaulted into. A greater pool of products will be included on 1 July 2022,” Mr O’Halloran said.
Find out more about important changes to your superannuation in FY22.