Tracking down lost super is easier than you might think.
What is lost super?
There’s a lot of lost and ATO-held super out there, around $16.2 billion# in fact. Do you know where all of yours is? If you’ve ever changed jobs, moved house, or changed your name, there’s a good chance you may not have kept tabs on all your super.
Your super account will generally be considered ‘lost’ if:
- No contributions or rollovers have been added to your super account in the last year and either your super fund never had an address for you, or mail sent to you by your super fund has been returned unclaimed, or
- For employer-default super plans, no contributions or rollovers have been added to your super account in the last five years.
BT and Westpac make it easy to find your super with Westpac SuperCheck. Best of all it only takes a matter of seconds. Watch this video in less than 60 seconds, just like a Westpac SuperCheck.
Under some circumstances the balance in your ‘lost’ super could be transferred from your super fund to the ATO, for example, where:
- Your account balance is less than $2,000, or
- Your super fund is unable to identify you as the owner of the account based on the information they have available to them.
The ATO could also be holding other super amounts for you such as super guarantee amounts paid to them by a previous employer, or super co-contributions or low income super contributions paid by the Government.
Things you should know
#The Commissioner of Taxation Annual report 2015-16, available at ato.gov.au, reported $16.2bn in lost super as at 30 December 2015.
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