Have you checked for lost and unclaimed superannuation?

The ATO has recently reported there is now $16 billion in lost and unclaimed super across Australia. This is an increase of $2.1 billion since last financial year, and the ATO is urging Australians to check their MyGov account to see if some of the money is theirs.
Super becomes “lost super” when it’s still held by the fund but the member is uncontactable or the account is inactive. Australian funds currently hold $10.4 billion in lost super.

All lost member accounts with balances of $6,000 or less are transferred to the ATO, which means the ATO is holding large sums of money waiting for people to claim it. Super providers are also required to report and pay unclaimed super to be held by the ATO once the money meets certain criteria. 

The ATO currently holds $5.6 billion in super, an increase of $1.6 billion (40%) since 2019.

Deputy Commissioner Emma Rosenzweig said finding your 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 we want to reunite hardworking Australians with what is rightfully theirs. When it comes to protecting your financial future, every bit counts”, said Ms Rosenzweig.

“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.”

While the ATO says it’s doing all it can to get this money back where it belongs, this relies on people keeping their contact information up to date. The best thing you can do to ensure you’re getting what you’re entitled to is check that your super fund and MyGov account have your current contact information and correct bank account details.

The new data from the ATO also shows that almost one in four Australians hold two or more super accounts, which can contribute to forgetting about or losing super. If you’ve unknowingly got multiple accounts, you could possibly be losing hundreds of dollars a year to fees and duplicated insurance costs. If you’re unsure whether to consolidate your accounts, check with your super funds, which can advise if there are any exit fees and whether you’ll lose any valuable insurance.

For information on how to manage super and view super accounts, including lost and unclaimed super, visit ato.gov.au/checkyoursuper.

Source: www.ato.gov.au/Media-centre/Media-releases/Check-your-myGov-account-for-your-share-of-$16-billion-in-lost-and-unclaimed-super/ 
www.ato.gov.au/Super/Super-funds-newsroom/Reporting-and-obligations/Super-data-update--lost,-unclaimed,-multiple-accounts-and-consolidations/