General News
27 February, 2023
ATO urges Australians to look for lost superannuation
Some Australians may be sitting on lost super, the Australian Taxation Office (ATO) has warned, with new data showing a reported $16 billion in lost and unclaimed super. According to the ATO the losses are an increase of $2.1 billion since last...
Some Australians may be sitting on lost super, the Australian Taxation Office (ATO) has warned, with new data showing a reported $16 billion in lost and unclaimed super.
According to the ATO the losses are an increase of $2.1 billion since last financial year, and are asking Australians to check their account to see if some of the money is theirs.
Super can become ‘lost’ when it is still held by the fund but the member is uncontactable or the account is inactive — such as if they change jobs or move house.
ATO deputy commissioner Emma Rosenzweig said 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 we want to reunite hardworking Australians with what is rightfully theirs. When it comes to protecting your financial future, every bit counts,” she said.
“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.”
According to the ATO, all lost member accounts with balances of $6000 or less are transferred to the ATO, which can be claimed.
“While we’re doing all we can to get this money back where it belongs, we rely on people keeping their contact information up-to-date,” Ms Rosenzweig said.
“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.”
For information on how to manage your super and view all your super accounts, including lost and unclaimed super, visit ato.gov.au/checkyoursuper