Finding Lost Super - Stack More Bitcoin
Lost Treasure
Could Some of It Be Yours?
As of 30 June 2022, Australians had almost $16 billion in lost or unclaimed superannuation, according to the Australian Taxation Office (ATO). This staggering amount is spread across over 6.8 million accounts. If you’ve changed jobs, moved homes, or changed your name over the years, you might be one of the many Australians with lost or unclaimed super. Here’s how to check if you have unclaimed funds waiting for you and how to reclaim your retirement savings.
What is Lost Super?
Super funds are required to report ‘lost’ super to the ATO twice a year. A wide range of situations can result in your super being classified as lost, including:
Uncontactable status: Your super fund has lost track of your current address, has been unable to contact you, and you haven’t reached out or made any contributions or rollovers into your account for 12 months.
Inactive accounts: If there have been no contributions or rollovers into your super account for the last five years, your account may be marked as inactive and reported as lost.
In some cases, lost super may also be transferred to the ATO if your account balance is classified as ‘small’ (less than $6,000) or ‘insoluble’ (if the fund doesn’t have enough information to verify your entitlement to the super).
How to Find Your Lost Super
It’s easier than ever to track down any lost super. Follow these simple steps:
Create or log in to your myGov account at www.my.gov.au.
Link your account to the ATO.
Go to the Super tab, where you can:
View details of all your current super accounts, including any you may have forgotten about.
Check if the ATO is holding any unclaimed super on your behalf.
By using myGov, you can manage all your super accounts in one place and consolidate them if needed. For more detailed information, visit the ATO’s Superannuation section on their website.
What is Unclaimed Super?
Unclaimed super differs from lost super. It refers to superannuation that is ready to be withdrawn, but the fund has been unable to contact you. Common situations where unclaimed super may arise include:
Members over 65: Your super becomes unclaimed if the fund hasn’t been able to contact you after you’ve reached the age of 65.
Non-member spouses: In cases where super has been split following a marriage or de facto relationship breakdown, unclaimed super may be held for the non-member spouse.
Deceased members’ super: If a member passes away and the fund is unable to reach their beneficiaries, the super may be transferred as unclaimed.
Former temporary residents: If you were a temporary resident in Australia and left the country without claiming your super, it may now be classified as unclaimed.
Unclaimed super is generally transferred to the ATO, and they hold the funds until they can be claimed by the rightful owner. To check if the ATO is holding any unclaimed super for you, log in to your myGov account.
Inactive Low-Balance Accounts
In addition to lost and unclaimed super, there is another category known as inactive low-balance accounts. This applies to super accounts with balances of less than $6,000 that have had no activity for at least 16 months.
Your super account may be transferred to the ATO if:
The balance is below $6,000.
There have been no contributions or rollovers for 16 months.
A condition allowing the withdrawal of super has not been met.
The account does not have insurance.
Even if your fund is in contact with you, certain rules may require your account to be transferred to the ATO if it meets these conditions. However, some exceptions exist. For example, if you’ve changed your investment options, elected to keep your insurance, or provided instructions in writing within the last 16 months, your account won’t be classified as inactive.
What Happens to Super Transferred to the ATO?
When lost or unclaimed super is transferred to the ATO, it is added to the Superannuation Unclaimed Money Register. You can still claim this money by logging into your myGov account and transferring the funds back to an active super account.
How to Prevent Your Super from Becoming Lost or Unclaimed
To avoid your super being classified as lost or unclaimed, make sure to:
Keep your details up to date: Ensure your super fund has your correct address and contact information.
Consolidate your super: If you have multiple accounts, consider consolidating them into one fund to simplify management and avoid unnecessary fees.
Monitor your super activity: Regularly check your super contributions and rollover activity to ensure your account remains active.
Notify your fund of any changes: If you make any changes to your investment strategy or insurance, inform your fund so your account stays active.
Conclusion
Lost or unclaimed super can add up to significant amounts over time, and it’s worth taking a few minutes to check if some of that $16 billion could belong to you. Whether through lost, unclaimed, or inactive low-balance accounts, there are various ways your super could end up in the ATO’s hands. Fortunately, with a myGov account, finding and reclaiming your super is simple. Stay proactive, keep your details updated, and ensure you’re making the most of your retirement savings.
