ATO Reveals $17.8 Billion in Lost Super: Australia has a system to help people save for retirement, but an astonishing $17.8 billion in lost or unclaimed super is sitting unused, waiting for its owners. The Australian Taxation Office (ATO) is encouraging Australians to find out if they are eligible for some of this money, as many people may not know they have forgotten or lost track of their super accounts. In this article, we will explain what lost super is, why it happens, and how Australians can get their money back with simple steps from the ATO.
What is Lost and Unclaimed Super?
Lost super happens when superannuation funds can’t contact account holders because their information is outdated or they haven’t been active. When a super fund can’t reach the account holder, the money is sent to the ATO for safekeeping and becomes unclaimed super.
Many Australians lose track of their super for different reasons. For example, changing jobs, moving to a new place, or not updating personal information can cause super funds to lose contact with their owners. When people have several super accounts, they might not combine them, which can scatter their funds across different places.
According to Emma Rosenzweig, a Deputy Commissioner at the ATO, people over 65 are especially affected, with $471 million in unclaimed super waiting for retirees who have forgotten about their money. Since 2021, the ATO has helped Australians recover $6.4 billion in lost super, but a large amount is still unclaimed.
Important Points About ATO Helping Australians Find $17.8 Billion in Lost Super
The ATO is encouraging Australians to track down their lost super, which is a great chance for anyone who may have lost track of their accounts. If you spend just a few minutes using the ATO’s online services, you might be able to get back a lot of money for your retirement. Following the simple steps provided, there’s no need to let your hard-earned money go unclaimed. Act now to boost your financial future by doing the Super Health Check.
| Key Statistic | Details |
|---|---|
| $17.8 Billion in Lost Super | ATO holds $17.8 billion in unclaimed super funds. |
| $471 Million for Retirees | Funds set aside specifically for Australians aged 65 and over. |
| 5-Step Super Health Check | ATO’s simple checklist to help Australians reclaim lost super. |
| $6.4 Billion Reclaimed Since 2021 | Amount the ATO has reunited with Australians in the past few years. |
| Eligibility | Includes people who changed jobs, moved homes, or have multiple super accounts. |
| Official ATO Resources | For more details, visit the ATO website. |
Why Do Australians Forget About Their Super?
There are a few reasons why Australians might forget about their superannuation accounts:
- Switching Jobs: When you change jobs, new super accounts can be set up for you. This can make older accounts slip your mind.
- Moving House: If you move and don’t update your contact information, your super fund may lose touch with you.
- Having Many Super Accounts: If you have several accounts, your money can be spread out, and without bringing them together, you might lose track of some. This can also mean paying extra fees and having less for your retirement.
How to Find Your Lost Super?
The ATO has made it easy for Australians to find and combine their lost super funds. Here’s a simple 5-Step Check-Up for Your Super that they suggest:
Update Your Contact Information
First, make sure your personal details, like your name, address, and tax file number, are current. Super funds may not be able to reach you if your information is old.
Check Your Super Balance and Employer Payments
Look at your super balance to see if your employer is paying into it as they should. You can find this information by visiting your super fund or logging into your myGov account connected to the ATO.
Search for Lost or Unclaimed Super
Once you are in your myGov account, you can look for any super funds that are lost or with the ATO. The ATO shows all your super accounts, including those that are lost or inactive, in one place.
Combine Multiple Accounts
If you find you have more than one super account, think about combining them. Having just one account can help you save on fees and keep your super easier to manage. Just be careful to check for any insurance tied to your accounts before merging, so you don’t lose important coverage.
Update Your Beneficiary
Make sure your chosen beneficiary is current. This matters in case something happens to you because it tells where your super benefits should go.
What Should You Do If You Find Lost Super?
After you find lost or unclaimed super, you need to bring it together into a super account that you can use. You have two options:
- You can move the lost super into your current account using the ATO’s online services.
- Or, you can ask your super fund to help you with the transfer.
If the lost super is less than $200 or if you are over 65, you might be able to take the lost super straight to your bank account.
Frequently Asked Questions About ATO Reveals $17.8 Billion in Lost Super
How Can I Find Out If I Have Lost Super?
You can find lost super by signing into your myGov account or by reaching out to your super fund. The ATO will show you all your active and inactive accounts.
Can I Take Out My Lost Super?
If you are over 65 or your lost super is less than $200, you might be able to take it out. If not, it’s better to transfer it to an active super account so your retirement savings can keep growing.
What Happens If I Don’t Claim My Unclaimed Super?
If you don’t claim your lost super, the ATO will keep it safe for you. However, it’s best to claim and combine your super when you can to make sure your money is managed well.
Is There a Time Limit to Claim Lost Super?
There isn’t a specific time limit, but it’s good to claim it as soon as possible. Leaving your super unclaimed could mean you miss out on earnings and might have to pay extra fees.
Can I Claim Lost Super for Someone Who Has Passed Away?
Yes, you can claim lost super for someone who has died. Just contact the right super fund and provide the needed documents, like a death certificate and proof of your relationship to the person.
