With new data revealing $11.7 billion is sitting in lost super accounts, the ATO is encouraging all Australians to reconnect with their super using its online services.
The ATO released last Friday its latest lost and unclaimed super data which reveals residents of postcode 2170 have the highest amount of lost super in New South Wales.
Deputy Commissioner James O’Halloran said there was $37 million sitting in lost super waiting to be claimed by residents of the 2170 postcode, which covers Liverpool and surrounding suburbs.
“This figure is just a small slice of the lost super across Australia,” Mr O’Halloran said.
“One of our key goals is to reunite individuals with their super and in the past financial year $2.5 billion has been consolidated into active super accounts,” he said.
“Forty-three percent of individuals have multiple super accounts and while some people purposefully maintain a number of accounts, a lot of Australians are unaware their hard earned super is unnecessarily being eroded away by fees.”
O’Halloran said that super is considered ‘lost’ when a fund is unable to contact the individual and hasn’t received a contribution to an account for five years.
“Members often lose contact with their super funds when they change jobs, move house, or forget to update their details.
“We know that when it comes to big life events, updating your details with your super fund is one of the last things on your mind. One thing you can do is make sure your super fund has your tax file number. It helps us reunite you with your super down the track,” he said.
“You might choose to keep multiple accounts, but to save on fees and charges consider consolidating your multiple super accounts online into the one you prefer.”
“All small lost member accounts with balances of $4,000 or less are transferred to the ATO and become what is called ‘unclaimed super’. Just like lost super, unclaimed and other ATO-held super can be claimed at any time.”
O’Halloran said the ATO was working hard to make it easier for Australians to find their super and has seen excellent results.
“You might be surprised. A lot of people who worked casually while they were studying or worked multiple part-time jobs find super they had completely forgotten about.
“Unlike missing car keys, lost super isn’t hard to find. Over the past couple of years, we have made a lot of changes to our online services that make finding and consolidating your super simpler than ever.
“Once you have linked your myGov account to ATO online services, you will be able to view all your super account details, including any that has been lost or forgotten about.”
“It’s a great time for Australians to check up on their super, particularly if they plan on logging-in to lodge their own tax return using myTax.”
For information on how to manage your super and view all your super accounts including lost and unclaimed super, visit www.ato.gov.au/checkyoursuper
