Nearly $19 billion in superannuation is waiting to be claimed by more than seven million people, the Australian Taxation Office (ATO) says.
ATO Deputy Commissioner Ben Kelly said there are many reasons why someone may have lost or unclaimed super but finding and claiming it is a quick and easy process.
“Checking for lost or unclaimed super is like reaching into your pocket and finding a $50 note; it’s your money, you just didn’t know it was there,” he says.
“Your super can become lost if your account is inactive and your fund can’t contact you. If you’ve changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super.
“This super is not lost forever,” Kelly explains.
“The ATO wants to get this lost and unclaimed money back into your account.”
The office offered several tips:
- Keep your super fund (or funds) updated with your current contact details.
- If you’ve had more than one job, you may have more than one super account and you may want to consolidate accounts.
“Around four million individuals hold two or more super accounts; it’s important to know how many accounts you have and to consider consolidating your super to reduce fees and make it easier to manage,” Kelly says.
ATO ON LOST SUPER
The average amount of unclaimed super stands at $2590, which may grow to tens of thousands by retirement.
The ATO says that since 2022, it reunited or paid out 3.1 million unclaimed accounts worth nearly $5.5 billion but there is still almost $19 billion in super waiting to be found.
“Superannuation is one of the most important investments you make in your lifetime, and we want to ensure every dollar earned for retirement ends up where it belongs,” he says.
“The ATO is continuing work to reduce the amount of lost and unclaimed super by reuniting individuals with their unclaimed super, but we need your help.”
Individuals can update banking details in ATO Online and ensure their contact details are up to date.
“While we’re working hard to ensure people get full access to the super they have worked for, it is important for people to keep their information up to date in myGov,” Kelly explains.
“Your super follows you through your career so you should keep a check on your account.
“We’ve introduced alerts and notifications in ATO Online to prompt people to check for lost or unclaimed super, update their details, and take action to consolidate or claim their funds,” Kelly says.
The ATO has a 5 step Super health checklist to follow:
- Confirm your contact details.
- Check super balances and employer contributions.
- Look for lost and unclaimed super.
- Find multiple accounts and consider consolidating.
- Confirm nominated beneficiaries.
For more details, visit Super health check on the ATO website.
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