The Australian Taxation Office (ATO) has today released new data revealing there is almost $19 billion in lost and unclaimed superannuation waiting to be claimed by over 7 million people.
ATO Deputy Commissioner Ben Kelly said there could be a number of reasons why someone may have lost or unclaimed super, but finding and claiming it, is quick and easy.
‘Checking for lost or unclaimed super is like reaching into your pocket and finding a $50 note, it’s your money, you just didn’t know it was there,’ Mr Kelly said.
‘Your super can become lost if your account is inactive, and your fund can’t contact you. If you’ve changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super.’
‘This super is not lost forever. The ATO wants to get this lost and unclaimed money back into your account.’
Keeping your super fund (or funds) updated with your current contact details will help you keep track of your super.
If you’ve had more than one job, you may have more than one super account. In that case, it’s worth considering why you have multiple super accounts and what is best for your situation. If you are thinking of consolidating your super accounts, you need to consider what the impacts may be, including any insurance in your super accounts, and what super account your employer pays your super guarantee into.
‘Around 4 million individuals hold 2 or more super accounts. It's important to know how many super accounts you have, and to consider if appropriate to consolidate your super to reduce fees and make it easier to manage,’ Mr Kelly said.
The average amount is $2,590, which could grow to tens of thousands by retirement.
Since 2022, the ATO has reunited or paid out approximately 3.1 million unclaimed super accounts valued at almost $5.5 billion. But there is still almost $19 billion in lost and unclaimed super waiting to be found.
‘Superannuation is one of the most important investments you make in your lifetime, and we want to ensure every dollar earned for retirement ends up where it belongs.’
‘The ATO is continuing work to reduce the amount of lost and unclaimed super by reuniting individuals with their unclaimed super, but we need your help.’
It’s important that individuals remember to update their bank account details in ATO Online and ensure their contact details are up to date with their super fund and the ATO.
‘While we’re working hard to ensure people get full access to the super they have worked for, it is important for people to keep their information up to date in myGov. Your super follows you through your career, so you should keep a check on your account.’
‘We’ve introduced alerts and notifications in ATO Online to prompt people to check for lost or unclaimed super, update their details, and take action to consolidate or claim their funds,’ Mr Kelly said.
The ATO’s 5 step Super health check can help you get your super back where it belongs in just a couple of minutes.
To complete the checklist, all you need to do is:
- Confirm your contact details
- Check super balances and employer contributions
- Look for lost and unclaimed super
- Find multiple accounts and consider consolidating
- Confirm nominated beneficiaries
For more information visit Super health check on the ATO website.
Notes to Journalists
- A headshot of ATO Deputy Commissioner Ben Kelly is available from the ATO media centre.
- ATO stock footage and images are available for use in news bulletins from our media centre.
- Searching for lost super
- The super health check is available in multiple languages (Arabic, Chinese, Korean, Vietnamese) to support CALD communities.
Contact details:
[email protected] | 02 6216 1901