What is lost super?
There’s a lot of lost and ATO-held super out there, around $11.6 billion# in fact. Some of it could be yours. Almost 1 in 2 Australians have more than one super account and around half of them have super they have lost track of. Do you know where all your super 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 of 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 12 months, the super fund has made one or more attempts to contact you and your super fund has reasonable grounds to believe you can no longer be contacted at the address you provided, and
- You have not contacted your super fund within the last 12 months, and
- You have not accessed details about your super fund through any electronic facility provided by the fund (e.g. an app) within the last 12 months.
- 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 SuperCheck. Best of all it only takes a matter of seconds. Watch this video – it’s less than 60 seconds, just like a 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 $6,000, 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 ATO website reported $11.6bn in lost super as at 30 June 2016.
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