This is not just an administrative problem. The definition of lost includes situations where you are uncontactable at your current address and you have made no contributions or rollovers into the account for the past 12 months.
Or where your account has been inactive, meaning it has received no contributions or rollovers, for five years. The ATO will then proactively reunite any unclaimed money it holds for you into one of your active super accounts. Unclaimed super is different to lost super and refers to super that is eligible to be withdrawn but the fund has been unable to contact you. Unclaimed super can be the super of:.
The ATO is also working proactively to find people who are entitled to unclaimed super. The easiest way to consolidate super accounts is through the myGov website. Time needed: 5 minutes. Follow the steps below to quickly and easily find and consolidate your lost superannuation accounts. You can create an account at my. Learn more about how to do that here. If the ATO has a record of your super funds you can then find and choose to transfer your super to another account. Exit fees have been banned since 1 July see here , but it is worthwhile checking the super fund does not charge you.
It is also important to check if you will lose any insurance coverage. Before you consolidate your super, check the details of each of your accounts to decide which fund best suits your needs and objectives. The best fund for you may be one of your small accounts, or a completely new fund.
Note: You can also refer to our guides on comparing super funds and purchasing insurance inside super. Previously, some funds rolled over unclaimed super into a special fund called AUSfund. Your super fund may also be able to help you. Even small amounts in a forgotten account dating back to your early 20s could grow to a substantial amount by the time you retire 40 years later. Victoria and Queensland are not far behind, as the table below shows.
As the rate of consolidation increases, the average value of these lost and unclaimed accounts is falling. According to the ATO, the message is getting through and the number of Australians consolidating multiple accounts has been increasing in recent years. Why does this matter? This is known as unclaimed super. Your super fund can assist you in consolidating. Alternatively, find your super at: Australian Tax Office. Industry Super.
For more information on consolidating your super, visit Money Smart External Link. Before you consolidate your super into one account, you should select the right super account for you and your circumstances. The YourSuper comparison tool is a simple way to compare MySuper products and help you choose a super fund that meets your needs. Authorised by the Australian Government, Canberra. Show download pdf controls. Show print controls. Keeping track of your super Keeping track of your super will help you stay informed about: how much super you're being paid how many super accounts you have any insurance provided with your super.
Super is generally held by your super fund. It may also be transferred to us as unclaimed super. Super is your money. You should check it regularly. This enables you to: view details of all your super accounts, including lost or unclaimed amounts view and use the personalised version of the YourSuper comparison tool consolidate eligible multiple accounts including any ATO-held super into one account withdraw your ATO-held super where you have met certain conditions of release.
You can then find and consolidate your super. This includes amounts paid on your behalf to the ATO by: employers super funds retirement savings accounts the government.
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