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Find My Superannuation – Do You Own One of the 3.3 Million Unclaimed Superannuation Accounts?

Find my superannuation

Around $13.8 billion in Australians’ hard-earned wages is waiting to be claimed, in the form of lost and unclaimed superannuation.

You may have lost or unclaimed super if you have:

  • Changed your name
  • Moved jobs or changed addresses
  • Forgotten to update your details with your super fund in the last few years

Lost super occurs when you have lost contact with your fund or your account has been inactive for a period of time. By law, the fund is required to transfer certain accounts to the ATO, which then becomes ‘unclaimed super money.

You can find your lost superannuation via the ATO or through MyGov. This could put thousands of dollars back into your super account. 

There is $13.8 billion in lost and unclaimed super. Could any of it be yours?..SUPERANNUATION IS YOUR MONEY AND SHOULD BE CHECKED REGULARLY

The superannuation system manages almost $3 trillion in retirement savings on behalf of
16 million Australians. There are enough savings in the superannuation system to buy every company listed on the Australian Securities Exchange – one and a half times.
 
The Australian Federal Government has announced a raft of changes to the Superannuation system that will be coming into effect on the 1st July 2021.  The changes announced in October 2020 and further changes announced in the 21-22 budget in May are focused on improving their superannuation savings.  The major changes are summarised below:
 
  • The superannuation guarantee is increasing from 9.5% to 10% on 1st July 2021. 
  • From 1st July 2021 employees will automatically keep their super fund when they change jobs, ‘stapling’ the super account to you by default. An employer must find out from the Australian Taxation Office (ATO) if a new employee has an existing super fund. Employers will be required to make payments to that account if the employee does not notify them otherwise.
  • Another part of the 2021 super reforms includes a requirement for super fund administrators to provide more details about their investment decisions and how they were in members’ best financial interests.
  • Superannuation products will face an annual performance test under the government’s reforms, the results of which will be made public on a government website. Funds that fail two tests consecutively will be blocked from accepting new members.
 These new reforms may be confusing for employers and employees alike. If you need support, the team at Entire Bookkeepers is here to help. Call to book our free 30 min discovery session with our team here.
 
 
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation, or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation, and needs.

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