There is $16 billion in lost and unclaimed super across Australia. Finding lost or unclaimed super is easy and can be done in a matter of minutes.
This is an increase of $2.1 billion since last financial year, and the ATO is urging Australians to check their account to see if some of the money is theirs.
People often lose contact with their super funds when they change jobs, move house, or simply forget to update their details.
This doesn’t mean your super is lost forever – far from it. By accessing ATO online services through myGov, you can easily find your lost or unclaimed super.
Super becomes ‘lost super’ when it is still held by the fund but the member is uncontactable or the account is inactive.
Super providers are required to report and pay super to the ATO once it reaches certain USM category requirements.
All lost member accounts with balances of $6,000 or less are transferred to the ATO, which means there are large sums of money waiting for people to claim.
The best thing you can do to ensure you’re getting what you’re entitled to is checking that your current contact information and bank account details are correct.
New data also shows almost 1 in 4 (23%) Australians hold two or more super accounts which can contribute to forgetting about or losing super.
It’s important that you remain engaged with your super fund through all stages of your life, not just when you are ready to retire.
If you’ve unknowingly got multiple accounts, you could possibly be losing hundreds of dollars a year to fees.
Before you consolidate your accounts, you should check with your super fund if there are any exit fees or whether you will lose any valuable insurance.
For information on how to manage your super and view all your super accounts, including lost and unclaimed super, visit ato.gov.au/checkyoursuper
Source: NTAA The Voice
