What to do if you have super in multiple funds as a working holiday maker

Consolidating super into a single fund while still in Australia simplifies the DASP process and stops the fees from eroding the balance.

Why does multiple-fund super happen so often?

Australian super law gives employers the right to nominate a default super fund for new employees who do not actively choose their own. Most working holiday makers in their first job do not understand the choice they are being offered and accept the default. The next employer offers a different default. The result is:

• Employer 1: super goes to Fund A
• Employer 2: super goes to Fund B
• Employer 3: super goes to Fund C
• Employer 4: super goes to Fund D

The Super Stapling rule introduced in 2021 was meant to reduce this fragmentation by linking your super to a single "stapled" fund, but it does not work cleanly for working holiday makers because the stapling system often does not recognise the worker until well after their first employer contribution has gone to a different default fund.

What is the cost of holding super in multiple funds?

Every super fund charges:

• An administration fee, typically $50 to $130 per year regardless of balance
• An asset-based fee, typically 0.5% to 1.5% of the balance per year
• Insurance premiums, which are deducted automatically unless cancelled

For a working holiday maker with $1,500 in each of four funds, the total annual fee load can be $400 to $600, which is a significant percentage of small balances. Insurance premiums alone can erode small balances to zero within a couple of years if not cancelled.

Consolidating into a single fund

The recommended approach is to choose one super fund and direct all employers to pay into that fund using a Standard Choice form. Then, the balances from your other funds can be transferred (rolled over) into the chosen fund. This:

• Reduces total fees to a single administration fee
• Combines all balances so investment returns compound on the full amount
• Simplifies DASP at the end of your time in Australia (one application instead of four)
• Cancels duplicate insurance policies

See our article on how to choose a super fund for the criteria that matter for working holiday makers.

Can you consolidate after leaving Australia?

Consolidating super after departure is much harder than doing it while in Australia. Most funds require online verification through Australian-issued credentials and an Australian phone number to authorise a rollover. If you have already left, the practical option is usually to lodge a separate DASP application with each fund rather than consolidating first.

Tracing super you have lost track of

Working holiday makers regularly do not know which funds they have super with, especially after working many casual jobs. The ATO holds a register of every super account linked to a TFN, and our team can search this register to identify every fund holding your contributions. See our article on how to find lost superannuation for the detail.

How does our service handle multiple-fund super?

When you lodge a DASP through our service, our team:

• Searches the ATO super register using your TFN to identify every fund holding contributions
• Confirms the balance and account details with each fund
• Lodges a separate DASP for each fund through the official ATO system
• Tracks payments from each fund and follows up where funds are slow
• Routes all payments to your nominated bank account

If you are still in Australia, we can also coordinate consolidation before DASP becomes relevant, which is often the better outcome for small balances. Get in touch with our team to start the process.

What about warning on super consolidation?

Scammers regularly target working holiday makers with offers to "consolidate your super" or "find your lost super". Once they have your TFN and passport details, they can roll your super out of your real account and into one they control. Never share your TFN or passport details with anyone who is not a registered tax agent. A registered agent has a TAN number listed on the Tax Practitioners Board register. If they cannot show their TAN, do not hand over your documents.