Did you know that around $18 billion dollars is sitting in 6.3 million lost super accounts?
If you’re one of the many Aussies with one or more lost accounts then you better act quickly.
"The federal government has changed the super rules, which means that your ‘lost’ super account could be transferred to the ATO without your consent."
If you have changed your job, name or address you may be richer than you think!
Superannuation funds are required to report ‘lost’ super to the ATO twice a year. The definition of ‘lost’ super varies, but generally speaking your super may be considered lost when:
- You are ‘uncontactable’ – your super fund does not have your current details and is unable to contact you and you have had no activity within your account in the last 12 months.
- Your account is “inactive” – no contributions or rollovers have been received into your account in the last 5 years.
How to find your lost super in 3 steps
- Create a myGov account (www.mygov.au) and then link the ATO to your account. If you have a myGov account already, simply login and click on the ATO section.
- Go to the ‘Super’ tab
- Within the super section you can see details of all your super accounts, including those you may have forgotten about. You can also see any super the ATO may be holding on your behalf.
Alternatively, there is a ‘Searching for lost and unclaimed super’ form that can be completed and mailed to the ATO.
To download the form follow this link https://www.ato.gov.au/assets/0/104/188/217/50753bf8-ab7a-4822-99ce-ef128282e2a3.pdf
Have you considered having your own superannuation account ie. a Self Managed Super Fund? If not, here is some helpful info you may like to read.
If you're wondering if you're missing super, get in touch with us - your local Ballarat Accountant