The Australian Taxation Office (ATO) has reported $17.8 billion worth of lost and unclaimed superannuation and is encouraging Australians to find out if any of this money belongs to them.
When a superannuation fund cannot contact you and your account has not received a contribution for 12 months (because you have changed jobs), your money may be deemed 'lost super'.
Similarly, if your super account is inactive, meaning it has not received a contribution in five years, the fund may deem your super savings as 'lost super'.
In some circumstances, your superannuation fund may be required to transfer your lost super savings to the ATO. When this happens, your money is deemed 'unclaimed super' and remains held by the ATO.
The ATO will try to find you, but if it can't, it will hold your money indefinitely.
Deputy Commissioner Emma Rosenzweig said:
If you've changed job, moved house or simply forgotten to update your details, you may have lost or unclaimed super.
We're urging Australians to check if some of the $17.8 billion in lost and unclaimed super belongs to them. Even if you've retired you could have lost or unclaimed super. The ATO is holding $471 million on behalf of people aged 65 plus.
How to search for lost superannuation
If you've changed your name, job or address and not told your superannuation fund, you may have lost or unclaimed super.
To find out, you can contact the ATO by phoning the lost super search line on 13 28 65. You will need some information on hand.
You can also search for lost or unclaimed superannuation online via your myGov profile, which will need to be linked to the ATO.
Log into MyGov, the log into ATO online services. From the top menu, select Super. Then, choose from the following options:
- Fund details to check for lost superannuation. If you want to keep your super with the same fund, contact them directly to update your details
- Manage and then Transfer super to transfer lost super to an eligible super account
- Manage and then Transfer super to transfer ATO-held ('unclaimed') super to an eligible super account
- Manage and then Withdraw ATO-held super to have your super paid directly to you. You can do this if the amount is less than $200 or you are over 65 years of age
Do you have more than one super fund?
The ATO encourages Australians who have more than one superannuation fund to consider consolidating them to save on fees. The ATO says:
If you decide to consolidate your super, it's important to choose the fund that's right for you. You should check that it provides better value, and the insurance cover suits your needs, which may change throughout your life.
To see which fund is the best option for you, visit MoneySmart. If you are unsure of what to do, contact your super fund or seek independent financial advice.
For more information, see the Super Health Check on the ATO website.
How much superannuation do you need in retirement?
The Association of Superannuation Funds of Australia (ASFA) says singles and couples need $100,000 in super by age 67 to fund a modest retirement lifestyle.
A comfortable lifestyle requires $595,000 in superannuation for singles and $690,000 for couples.
