ATO reports over $13 million worth of superannuation in lost and unclaimed accounts in Nambucca and surrounds

As at June 30, there are over 6.3 million lost and ATO-held super accounts with a total value of around $18 billion across Australia, and $13.5 million of that is in Nambucca and surrounds.

While the number of people with multiple accounts has been falling, there are still almost 2.3 million Australians with three or more super accounts.

People living in New South Wales have the most lost and unclaimed super in Australia to find, with over a million accounts worth over $5 billion.

In the postcodes 2441, 2447, 2448, 2449 and 2454 there are a total of 3680 lost and unclaimed super accounts.

When is super considered to be ‘lost’?

The term ‘lost superannuation accounts’ is used to refer to accounts held by super funds where they have lost contact with the fund member.

By law, after a period,  ‘lost super accounts’ and balances are transferred to the ATO and are then considered to be ‘unclaimed super’ held by the ATO.

Unclaimed super

These accounts are held by the ATO where the fund is unable to contact the member or the member’s account has not received contributions for five years.

Accounts of this nature are transferred to ATO to protect the funds from ongoing fees.

What to do about it

For the first time, the ATO is publishing unclaimed super accounts, in addition to lost super accounts held by funds.

Assistant Commissioner Debbie Rawlings said the easiest way for people to keep track of their super, find lost or unclaimed super, or combine their accounts is by using ATO online services through myGov.

“Over the past four financial years we’ve reunited 1.68 million accounts worth $8.12 billion with the account owner, and there’s plenty more to be found,” Ms Rawlings said.

“By using myGov to track down your super, the money will be transferred to your preferred fund, generally within three working days.

“Once you have linked your myGov account to ATO online services, you will be able to view all your super account details, including any that have been lost or forgotten, and you can choose to claim or transfer your super online.

“Alternatively you can call the ATO Super Helpline on 13 10 20 to request direct claim or transfer paper forms, or speak to your super fund.”

To find out how to manage your super and view all your super accounts, including lost and unclaimed super accounts, visit www.ato.gov.au/checkyoursuper.