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
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 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.