The latest figures from the Australian Taxation Office (ATO) show Australians are leaving a whopping $16 billion on the table in unclaimed super. Could there be a pot of gold out there with your name on it?
The shocking figure represents an increase of $2.1 billion since the last financial year, and the ATO is urging all Australians to check their myGov account to see if any of this unclaimed bounty is theirs.
Super balances become ‘lost’ after an account becomes inactive (stops receiving contributions) and the member is uncontactable.
This happens most often when people switch jobs and just go with the default super fund of their new employer and forget about the old one.
Once funds held by a super fund meet these inactivity requirements, they legally have to be transferred to the ATO to be held as unclaimed super money (USM).
In addition to inactivity, any unclaimed super for a member aged 65 and over must be transferred to the ATO.
Emma Rosenzweig, ATO deputy commissioner, says it’s very common to have some missing super you don’t know about and adds that checking is simple.
“People often lose contact with their super funds when they change jobs, move house or simply forget to update their details,” she says.
“This doesn’t mean your super is lost forever – far from it. By accessing ATO online services through myGov, you can easily find your lost or unclaimed super.”
The ATO data also showed around one in four (23 per cent) of Australians holds two or more super accounts. While it’s true some people deliberately hold multiple super accounts, the majority have simply been forgotten.
Analysis conducted last year by the Association of Superannuation Funds of Australia (AFSA) found there are about 2.5 million ‘unnecessary’ super accounts in the system.
ASFA says that by not claiming your super, you risk missing out on a lot more than just the dollar amount held by the ATO.
While money held does attract interest, the rate is linked to the consumer price index, a rate typically lower than the returns you could get had that money been with a super fund.
“Returning account balances [held by the ATO] to the superannuation system has the potential to substantially increase the investment returns accruing to fund members,” the ASFA report says.
At the end of the day, Ms Rosenzweig says, unclaimed super is your money that you’ve worked hard for and it makes no sense to leave it behind.
“Super is one of the most important investments many Australians will have during their lifetime,” she says.
“Which is why we want to reunite hardworking Australians with what is rightfully theirs. When it comes to protecting your financial future, every bit counts.”
To find out if you have any unclaimed super, sign in to or create a myGov account.
Could you have missing super you’re unaware of? Have you checked your myGov account? Let us know in the comments section below.
Also read: Treasurer proposes blocking early super withdrawals
