There is $16 billion in lost and unclaimed super across Australia, new data from the ATO reveals.
This is an increase of $2.1 billion since last financial year, the ATO is urging Australians to check their account to see if some of the money is theirs.
Finding lost or unclaimed super is easy and can be done in a matter of minutes. Super is one of the most important investments many Australians will have during their lifetime, which is why you should claim rightfully what is yours.
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 funds currently hold $10.4 billion in lost super. Super providers are required to report and pay super to the ATO once it reaches certain USM category requirements. The ATO currently holds $5.6 billion in super, an increase of $1.6 billion (40%) since 2019. 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. The 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 to 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 individuals consolidate your accounts, you should check with your super fund if there are any exit fees or whether they 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