$16 billion in lost super - is some of it yours?
08 January 2024
5
min read
Is any of the $16 billion in lost and unclaimed super across Australia yours? Find out how to check, and how to get it back.
According to the most recent figures from the Australian Tax Office (ATO), there was $16 billion in lost or unclaimed superannuation in accounts across Australia at 27 February 2023.1
The figures show that’s $2.1 billion more than the previous financial year.
Finding lost or unclaimed super is easy and can be done in minutes.
Who has lost or unclaimed super?
If you have ever changed your name, address, job or lived overseas, you may have unintentionally lost track of some of your super.
Super can be lost when your super fund can no longer contact you (lost and uncontactable) or if your account is inactive.
Quickly and easily find your super
It’s easy to find your lost super.
Log in to Member Online to search for 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.
Or, you can view all your super accounts, including lost and unclaimed super, by visiting ato.gov.au/checkyoursuper
Why finding your lost super matters
Having several super accounts can mean paying fees and potentially insurance premiums from each account, which over time can chip away at your balance.
The ATO says 3 million2 Australians have two or more super accounts and pay around $690 million annually in extra administration fees. They also pay $1.9 billion on insurance premiums.
Put your lost super to work
The sooner you find any lost super you may have, the sooner you may be able to get your money working harder for you.
Consolidating or combining your super, including any lost super, means moving all your super into one account.
Benefits of putting all your super in one account include:
- paying fewer fees
- reducing paperwork
- being able to better keep track of your super
- avoiding excess insurance premiums.
Before you consolidate your super, please consider if the timing is right and if you will lose access to benefits such as insurance or pension options, or if there are tax implications.
Start your search
Look for lost or unclaimed super through Member Online.
1. Media release, ATO, 27 February 2023, Check your myGov account for your share of $16 billion in lost and unclaimed super, at ato.gov.au
2. ATO, Trend toward single accounts, accessed 15 December 2023