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You may have lost some of your super simply by changing jobs, your name, or your address. Find out what lost super is, and how to easily reclaim any that may be yours.
Australians have almost $21 billion in lost and unclaimed superannuation, Australian Tax Office (ATO) figures show.1
The latest figures, compiled in 2019, show there were more than 6.2 million lost and unclaimed superannuation accounts. This works out to an average of almost $6,600 for each lost account.
Super is considered 'lost' when a super fund hasn’t received a contribution to an account in the past 12 months and is unable to contact the member. Learn more in the 'Lost Members' factsheet here.
Your lost super may be held by your super fund, or by the ATO.
By law, your super fund will report you as a 'lost member' if:
Super funds are required to report and pay unclaimed super money to the ATO twice a year.
The ATO may hold unclaimed money for:
If you want to check if you have any lost or unclaimed super, it is easy to do.
The sooner you find any lost super you may have, the sooner you may be able to get your money working harder for you.
It's easy to find and combine your super online, simply:
Log in to your myGov account, click on 'ATO', then 'Super'
Find any ATO-held or 'lost' super
Consolidate your accounts by choosing which accounts to combine – you'll be able to see details of all your super accounts, including any you've forgotten about.
ASIC’s MoneySmart website2 says finding your lost super and bringing it all together could save you on fees and makes it easier to manage.
Consolidating or combining your super,3 including any lost super, means moving all of your super into one account.
By consolidating your super, you might save on two precious commodities – your money as well as your time. That’s because a single account makes your super easier to manage and fewer accounts means fewer fees.
Benefits of consolidating your super into one account include:
Legislation that came into effect on July 1, 2019,4 means the ATO is reuniting Australians with unclaimed super in eligible ‘inactive low-balance super accounts’ without you needing to take any action.
The law requires super funds to report and pay "inactive low balance accounts" to the ATO.
This includes, amongst other criteria, accounts that have not received a contribution for 16 months and have a balance below $6,000.
According to the ATO, the law has been designed to protect the small balances in these accounts from being eroded by fees.
Make smart decisions with the help of a professional financial adviser.*
Find out more
*Deciding what is best for you will depend on your personal circumstances and you may want to seek personal financial advice to get the most from your superannuation. You can find out more about financial advice options at qsuper.qld.gov.au/advice
1. Media Release, ATO, 15 November 2019, The race is on to find $20.8 billion in super at ato.gov.au
2. ASIC, MoneySmart, Find lost super, accessed 24 February 2021 at moneysmart.gov.au
3. Before you consolidate your super, please consider if withdrawing savings from your current fund/s could crystallise any lost earnings. You should also check with your other fund/s if you will lose access to benefits such as insurance or pension options, if the other fund/s will charge you exit penalties or fees, or if there are tax implications.ATO, 20 August 2020, Inactive low-balance super accounts, accessed 24 February 2021 at ato.gov.au
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