Did you know that some sources estimate the Australian Taxation Office (ATO) currently holds ~$16,000,000,000 ($16 Billion) in lost super. In anyone’s language, that’s an awful lot of cash to be lost!
Take a moment to think if you might have any lost super and while you are at it let your family and friends know they should be thinking about it too. There is nothing to lose by checking for lost super and hopefully you will get a big surprise.
Did you also know the ATO reports that more than 20% of people aged between 41 and 50 have three or more super accounts?
There are many reasons why a super account could become lost. If you've ever changed your name, address, job, or undertaken casual or part-time work, you may have lost track of some of your super. There may also be other reasons, but fortunately, there are a couple of free and easy ways that people can check if they have lost super.
1. Login to your MyGov account (or create a myGov account), link it to the ATO and then check all super accounts that are recorded against your name. www.my.gov.au
2. If technology is a problem for you, click here to Print A Form To Complete that you can mail to the ATO and let them report back to you. Alternatively you can call the ATO on 13 28 65 but we are not sure that will prove to be an efficient use of your time.
Did you also know there is also a separate register to search for lost money associated with Shares, Life Insurance and Bank Accounts? There is a lot of lost money there as well so to check this out, click on the following link:
While you have taken a moment to turn your mind to your superannuation situation, why not grab your latest annual statement and check that all is in order. In particular check your balance, your contributions and your fees, and perhaps give some thought as to whether you are on track to retire comfortably.
You should also consider how your superannuation is invested, how it has been performing and the risk involved with your investment choice over the short, medium and long term. If you are not on track, don't have a strategy or don't know what to do, then it might be time to seek Financial Advice.
You might also like to check your nominated superannuation beneficiaries and insurance to make sure they continue to be consistent with your needs. And lastly if you have a Will, consider whether it is up to date or if you don't have a Will then consider establishing one. Either way you should consider talking to an estate planning professional about your Estate Planning requirements.
So keep in mind if anything doesn't look right, needs to be changed, or if your fees are too high then it might be time to talk to your superannuation fund or seek some Financial Advice.
*Source www.ato.gov.au Please note that addresses (including postcodes) are reported by superannuation funds over a number of years. This means the postcode data may not reflect the postcode in which the member now currently resides and the postcode data may include postcodes that are no longer valid. Invalid postcodes included those that reported as overseas, unknown or unmatched.
To find your lost superannuation or to find your lost super is easy if you know how to find your lost superannuation or how to find your lost super. Visit our webpage if you want to find your lost superannuation or to find your lost super.
(02) 6172 1444
A super fund must report and pay an individuals lost super to the ATO if they are:
1. over 65 years old, haven't made a contribution for the past two years and their fund has been unable to contact them for five years
2. deceased, and their fund has been unable to pay the benefit to the rightful owner
3. a former temporary Australian resident, and it has been six months since they left Australia or since their visa expired
4. entitled to be paid their ex-spouse’s super in a divorce, and the fund is unable to contact them
5. a lost member whose account balance is less than $6,000
6. a lost member whose account has been inactive for 12 months, and their fund does not have the information needed to make a payment to them.
Note: If you are a beneficiary of a deceased person, you may be able to claim their unclaimed super money.
Lost Super By State/Territory as at 30 June 2016*
Connect with us on social
The Financial Advice Shop Pty Ltd © 2020
PO Box 4636, KINGSTON, ACT, 2604
William (Bill) Waller is an Authorised Representative (ASIC No. 453076) of The Financial Advice Shop Pty Ltd ABN 17 162 572 901 AFSL 501742. Bill provides comprehensive financial planning advice and general advice in relation to credit and credit referrals. All financial planning advice is provided by William (Bill) Waller as an Authorised Representative of The Financial Advice Shop Pty Ltd.