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There is almost $14 billion held as lost or unclaimed superannuation in accounts across Australia. See how to check if any of this money is yours and how to get it back.
According to the Australian Tax Office (ATO), there was $13.8 billion held as lost or unclaimed superannuation in accounts across Australia as at 30 June 2020, with almost $2 billion in Queensland alone.1
Across the country there were more than 2.2 million lost or unclaimed accounts.
The figures show the amount of lost and unclaimed super has dropped from almost $21 billion in 2019.
QSuper CEO Michael Pennisi said members could have thousands of dollars being held by the ATO or old super funds and he encouraged everyone to make a simple check for any lost or unclaimed super.
“I am pleased to see that the amount of lost and unclaimed super in Queensland has dropped significantly over the past year,” Mr Pennisi said.
If you have ever changed your name, address, job or lived overseas, you may have unintentionally lost track of some of your super.
Lost super is money that is held on your behalf when your super fund, your employer or the government can't find an account to deposit your super into.
You may be reported as a ‘lost member’ if:
The ATO may be holding ‘unclaimed super’ money for you if you are:
Super funds are required to report and pay unclaimed super money to the ATO twice a year.
Number of lost accounts:
Value of lost accounts:
Number of unclaimed accounts:
Value of unclaimed accounts:
Total number of Queensland lost and unclaimed accounts:
Total value of Queensland lost and unclaimed accounts:
You can search for any lost or unclaimed super through Member Online.
Three Queensland postcodes rank in the nation’s top 10 postcodes according to the number of lost and unclaimed super account values as at 30 June 2020 from the ATO.
Finding your lost super can be key to helping you reach your retirement goals.
If you want to check if you have any lost or unclaimed super, QSuper aims to make it quick and simple through Member Online.
Through Member Online, you can search for a full list of any super accounts you have with other super funds and any ATO-held super that may belong to you. There are no paper forms to sign or mail in.
The sooner you find any lost super you may have, the sooner you may be able to get your money working harder for you.
“Money in multiple super fund accounts means multiple fees and potentially insurance premiums eating into future income,” Mr Pennisi said.
Consolidating or combining your super,2 including any lost super, means moving all of your super into one account.
Look for lost or unclaimed super through Member Online.
1. ATO, 18 March 2021, Lost and unclaimed super by postcode, accessed 23 March 2021 at ato.gov.au
2. Before you consolidate your super, please consider if withdrawing savings from your current fund/s could crystalise 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.
The opinions expressed and those providing comments are theirs alone, and do not necessarily reflect the opinions of the QSuper Board. No responsibility is taken for the accuracy of any of the information supplied and you should seek advice for your circumstances.
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