As per industry observation, many Australians now have superannuation for the first time, especially part-time, casual and seasonal workers. Naturally, these balances start out as small accounts.

The ATO defines a small superannuation account as less than $1000 and contains some superannuation contributions made in order to meet an employer's superannuation guarantee or award obligations. ATO recommends streamlining small accounts into one. The process will help reduce fees and charges on your superannuation, and make it easier for both you to keep track of your super.

The `transfer protocol'

A `transfer protocol' ahs been devised, which allows you to roll-over your superannuation monies more easily. It allows you to bring all your superannuation benefits together into one superannuation funds account.

By reducing the reporting requirements on superannuation funds when they transfer benefits, small accounts can be joined together more easily.

You should approach your current superannuation fund - they will transfer your other accounts into your current one on your behalf if the rules of the fund allow this to happen.

There may be fees associated with this transaction - such as an exit, entry or early withdrawal. You need to check with your superannuation fund whether any such fees apply.

Note: The transfer protocol applies only when the whole eligible termination payment (ETP) - a lump sum payment from a superannuation fund - is rolled-over from one superannuation fund directly to another fund.