Latest figures show there is more than $13.5 billion of lost superannuation resting in millions of accounts across the country just waiting to be claimed. Ausure Scone explains how to find lost super.
While most people have been focussed on getting their tax done, it’s also a great time to take a few minutes and review your super and claw back your retirement savings.
Superannuation is considered “lost” if no payments are added to the fund for 12 months and the fund does not have a current address or contact details for the account holder.
If this happens, the balance is transferred to the Australian Taxation Office until it’s claimed by its rightful owner.
You should go and actively look and see if there is super out there that is yours and try and consolidate your accounts. The sizes could vary between a couple of hundred dollars to hundreds of thousands of dollars.
Money that you might not even realise is in a fund may be sitting with the government, that’s why you should check it annually.
The 2016 Westpac Lost Super report found most of the population wish they cared about their super more and 73 per cent say they wish they had looked after it better when they were younger.
It also showed, for someone aged between 19 and 24, every $1 they recover in lost super today equates to $10 in retirement.
WAYS TO FIND LOST SUPER
- Contact Ausure Scone who can assist you to find lost super, or
- Contact your super fund and ask for help to find lost accounts, or
- Login to MyGov to find lost super. Click on the ATO icon. Go to the Super tab, click on super accounts and see if you need to consolidate, or
- Visit Superseeker online and enter your tax file number, name and date of birth, or
- Phone the ATO on 13 10 20 between 8am and 6pm, Monday to Friday.