How to track down any lost super
You could have a nice nest egg you don’t even know about.
Could I have super I don’t know about?
Yes! In fact, the Australian Tax Office recently revealed that up to $18 billion of lost and unclaimed super is sitting in more than six million accounts across Australia. That means up to one in four people could have money out there waiting for them and the average amount is almost $3,000.
What’s the difference between ‘lost’ and ‘unclaimed’ super?
There are two separate types of super that could apply to you: lost and unclaimed. Lost refers to super that has been paid into a fund but been left idle. It could be there because the fund is unable to contact you as you haven’t updated your details. You may not have made a contribution for years, but the fund keeps accruing interest and fees are paid automatically from the capital. On the other hand, many smaller super funds that haven’t received a contribution in over 12 months will turn over the super to the ATO – this is what is called unclaimed super. The ATO holds this super on your behalf and you are able to transfer it into your chosen super fund.
How do I find my super?
There are a couple of simple tools online that you can use to track down any lost or unclaimed super. The moneysmart.gov.au website has a service that searches for all sorts of unclaimed money, like inactive bank accounts, shares and, of course, super funds. Or you can register with the ATO through the myGov website and register your details. They will then match you up with any unclaimed super they are holding on your behalf.
Have you ever tried to track down lost super?