Staggering amount of unclaimed superannuation funds Aussies are missing
Aussies have been urged to check their super after the Australian Taxation Office revealed it holds billions in unclaimed funds.
Aussies have been urged to check their super after the Australian Taxation Office revealed it holds billions in unclaimed funds.
The tax office is keen to reunite $17.8billion to its rightful owners, having returned nearly $6.4billion since 2021.
Retirees are among those who could receive a boost to their nest egg as $471million of the unclaimed funds belong to over-65s.
Out-of-date contact details is a major reason why many Aussies are missing super.
We’re urging Australians to check if some of the $17.8 billion in lost and unclaimed super belongs to them, ATO deputy commissioner Emma Rosenzweig said.
If you’ve changed job, moved house or simply forgotten to update your details, you may have lost or unclaimed super.
Aussies can check their super account details online or getting touch with their superannuation fund provider directly.
Aussies could find a hidden trove of extra retirement funds if they follow the ATOs five steps
The ATO has unveiled a five-step Super Health Check for Aussies to find or access their super.
First Australians must confirm their tax and super contact details, and check their super balances and employer contributions.
They should then should search for lost and unclaimed super by looking at multiple accounts and consider consolidating their nest egg funds into one account.
Finally, Australians should confirm their nominated beneficiaries.
The ATO has further information in the Super Health Check section of their website.
The ATO revealed its holding $17.8 billion in unclaimed superannuation
Lost and unclaimed super can be transferred to another eligible super account or, if the recipient is over 65 or the amount is less than $200, it can be moved straight to the recipients bank account.
Superannuation is a key part of your retirement, and we want to make sure Australians are claiming the investment theyve worked for, Ms Rosenzweig said.
More information on lost and unclaimed super can be found on the ATO website.
