The Australian Taxation Office (ATO) has revealed that there’s over $17.8 billion in lost and unclaimed superannuation waiting to be claimed by Australians. With over 7.1 million accounts holding forgotten or inactive funds, many Aussies could be missing out on a financial boost they’ve worked hard for. Here’s what you need to know about lost super, why it’s important, and how you can reclaim it.
What is Lost or Unclaimed Super?
- Lost Super: This happens when a super fund loses touch with you, often due to outdated contact information from a name change, job change, or house move. If your account has been inactive, it may have become “lost.”
- Unclaimed Super: When super funds transfer unclaimed amounts to the ATO, it becomes classified as unclaimed. This includes accounts that haven’t received contributions for a long time or accounts for individuals over 65 with certain eligibility requirements.
According to ATO Deputy Commissioner Emma Rosenzweig, checking for lost super is as simple as logging into your myGov account and accessing ATO online services.
Why Should You Check for Lost Super?
Superannuation is a critical part of your retirement plan. Even small lost amounts can grow significantly over time. For retirees, it’s particularly important to check for lost funds, as the ATO is holding $471 million for Australians aged over 65. Reclaiming lost super could enhance your retirement income or provide funds for short-term needs.
How to Find Lost Super: A Step-by-Step Guide
You can locate lost or unclaimed super through your myGov account by following these steps:
- Log into myGov and access ATO online services.
- Select ‘Super’ to view your super accounts, including any with lost or unclaimed super.
- Manage or Transfer Funds: If you find a lost account, you can transfer it into an active super account.
- Withdraw if Eligible: If you’re over 65 or the amount is less than $200, you can withdraw ATO-held super directly.
A 5-Step Super Health Check
The ATO recommends conducting a super health check to maximize your retirement savings. Here’s how to do it:
- Update Your Contact Details: Ensure your personal information, tax file number, and financial details are accurate.
- Review Super Balances and Contributions: Verify that your employer is making the right contributions.
- Look for Lost and Unclaimed Super: Check myGov for all your accounts to find any that you’ve forgotten.
- Consolidate Multiple Accounts: Reduce fees and simplify management by combining multiple super accounts.
- Confirm Your Beneficiary: Designate or update your beneficiary to ensure your super goes to the right person.
Why It Matters
With billions of dollars in unclaimed super, taking a few minutes to check could make a big difference in your future financial security. Plus, consolidating and managing your super more effectively can reduce fees and increase growth potential, allowing you to make the most of your hard-earned retirement savings. Don’t wait—log into myGov today and take control of your super!
