Yahoo Finance ATO urging Aussies to cash in on $17.8 billion in lost super: 'Waiting to be found'
More than $17.8 billion in lost and unclaimed super is on the table for just over 7.1 million accounts.
The Australian Taxation Office (ATO) is urging Aussies to check if they are eligible to cash in on billions of dollars worth of lost and unclaimed superannuation. The latest data found there was more than $17.8 billion in superannuation waiting to be found.
“Lost super” is when your fund has lost touch with you, or your account is inactive. It becomes "unclaimed super” when your fund transfers this lost money to the ATO.
The ATO said Aussies may have lost track of some of their super if they changed their name, moved homes or changed jobs and forgot to update their contact details with their super fund.
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ATO deputy commissioner Emma Rosenzweig urged Aussies to check if some of the $17.8 billion in lost and unclaimed super belonged to them. This can be done online or by contacting your super fund.
“Since 2021, the ATO has reunited almost $6.4 billion of unclaimed super with its owners. But there is still more than $17.8 billion waiting to be found,” she said.
“If you’ve changed job, moved house or simply forgotten to update your details, you may have lost or unclaimed super.”
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Retirees could also be among those with lost or unclaimed super, with the ATO revealing it was holding $471 million on behalf of those aged over 65.
“Superannuation is a key part of your retirement, and we want to make sure Australians are claiming the investment they’ve worked for,” Rosenzweig said.
Super funds and the ATO are holding lost super for just over 7.1 million accounts as of June 30, 2024.
How do I find lost super?
You can check for lost super online through the ATO through myGov.
Go to ATO online services and select ‘Super’. Then, select ‘fund details’ to check for lost super.
You can check select ‘Manager’ and ‘Transfer super’ to transfer any lost or unclaimed super to an eligible super account, or ask your super fund to complete the transfer for you.
If the amount is less than $200 or you are over 65, the ATO said you can click ‘Manage’ and then 'Withdraw ATO-held super’ to have the super paid directly to you.
5 step super health check
The ATO is urging Aussies to do a five step super health check through their myGov account or by contacting their super fund directly.
To complete the check, you have to:
Confirm your contact details - check your personal details, financial details and tax file number are up to date.
Check your super balance and employer contributions - check how much super you have and that your employer contributions are correct.
Look for lost and unclaimed super - check the details of all your super accounts, including any you’ve lost or forgotten about
Check for multiple super accounts and consider consolidating - combining your super into account can help you save money on fees and make it easier to manage
Check your nominated beneficiary - check or nominate your death beneficiary, otherwise your fund may not know who your benefit should be paid to.
Find out more details here.
Find lost cash
While you're searching for unclaimed cash, it's also worth checking federal and state websites to see if you have anything owed to you including unclaimed refunds, share dividends, uncashed cheques and more.
Unclaimed money is cash owed to people who can't be located. For example, that could be if you've changed your name or address, lost paperwork or just forgotten about the cash.
Here is a list of websites you can check.
Federal: search ‘ASIC unclaimed money’
NSW: Revenue NSW
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