Could You Have Lost Super Sitting in Your Name?
If you've changed jobs a few times, taken a career break, or simply lost track of an old super account, you might be one of the millions of Australians with money sitting unclaimed. Recent Treasury and ATO figures show almost $19 billion in lost and unclaimed superannuation across more than 7 million accounts nationally, and some of it could belong to you.
What counts as "lost" super
Super is generally classified as lost when your fund has been unable to contact you and your account has been inactive for 12 months, or when your account balance is under $6,000 and the fund hasn't heard from you in a while. Separately, "ATO-held" super is money that has already been transferred to the ATO for safekeeping. This can happen for a range of reasons, including unpaid super an employer eventually had to remit to the ATO instead of your fund, government co-contributions waiting to be paid out, small or inactive accounts that funds are required to hand over, or unclaimed benefits from members the fund has lost contact with entirely.
Common reasons people lose track of super
The most frequent cause is simply changing employers without updating your details, particularly if a new job automatically opened a new super account rather than paying into your existing one. Moving house without updating your address with your fund, marrying or changing your name, or taking an extended break from the workforce can all lead to a fund losing contact, after which the clock starts ticking toward that 12-month "lost" classification. It's a surprisingly easy thing to happen to almost anyone, and it carries no stigma. It simply requires a bit of housekeeping to fix.
How to check if it's you
The quickest way to check is through myGov. Log in, select the Australian Taxation Office, then Super, then Fund details. This will show you any super the ATO is currently holding on your behalf, as well as other active accounts you may have forgotten about. The ATO app offers the same functionality if you prefer to check on your phone. If you can't access online services, you can also phone the ATO directly. In some cases, the ATO will automatically transfer eligible held amounts of $200 or more into an active account on your behalf, but it's still worth checking yourself rather than assuming this has happened.
Bringing it together
If you find lost or ATO-held super, you can generally consolidate it into your active account online, through the same Super menu: select Manage, then Transfer super. Before you do, it's worth checking whether an old account carries any insurance cover, such as life or income protection insurance, that you might lose by closing it. In some cases keeping a small legacy account open is the right call, but that's a decision worth making deliberately rather than by default.
Why it's worth doing now
Every dollar of super sitting lost or unclaimed is a dollar that isn't compounding for your retirement. Even modest amounts can add up meaningfully over the years if reunited with an active, growing account sooner rather than later.
If you'd like help tracking down lost super or deciding whether to consolidate your accounts, get in touch with us. We can help you check your position and make sure nothing is being left behind.
Disclaimer
The information contained in this publication is for general information purposes only, professional advice should be obtained before acting on any information contained herein. The receiver of this document accepts that this publication may only be distributed for the purposes previously stipulated and agreed upon at subscription. Neither the publishers nor the distributors can accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.