Australians are missing $18 billion in lost super
The $18 billion of lost super is spread across 6.3 million accounts.
The ATO has revealed Australians are missing close to $18 billion in lost superannuation which is spread across 6.3 million accounts. As of June 30 this year, the ATO was holding onto $3.75 billion of unclaimed funds, and super funds held another $14.12 billion of lost super.
Super money becomes 'lost' when the fund loses contact with the member. If you've moved house and failed to updated your contact details, or if you've opened a new fund without closing down your previous fund you could have lost super. If your fund cannot contact you for five years, your money gets moved over to the ATO and is classified as unclaimed super.
Could you have some lost super?
According to ATO data, once again the North Queensland suburbs of Mackay and Cairns have the highest amount of lost and unclaimed super money. On a state level, it's New South Wales that tops the list with $5 billion in lost and unclaimed super. This is perhaps unsurprising considering it has the highest population.
The data also revealed that $7.6 billion of the lost super currently being held by super funds belongs to Australians aged between 40 and 55.
How do you find your lost super?
You can search for and locate any lost or unclaimed super you may have online through the ATO's 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," said assistant commissioner Debbie Rawlings.
"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," said Rawlings.
One of the easiest ways to loose track of your super is by having several accounts opened at once, with around 2.3 million Australians having three or more accounts. Consolidating your super into one fund will not only help you keep track of it, but you'll save in fees too.