Click a button, find your lost super
The ATO is urging Australians to make two extra clicks when filing their tax return online this year.
Tax time is here, which means millions of Australians will be logging into their myGov account to file their tax return with the ATO's online services. But this year the ATO is asking taxpayers to make an extra two clicks while they are there to find any lost super they might have.
Australians are reported to have more than $18 billion in lost and unclaimed super floating around in forgotten accounts. You might not think you have any super to claim, but you'd be surprised. The ATO says if you've ever changed your name (for example, after getting married), changed your address, switched jobs or moved overseas you could easily have some lost super.
Deputy Commissioner James O’Halloran said, “Tax time is the best time to check your super. Most people might not realise how easy it is, you just click on the Super tab next to the Tax tab while you are online to do your tax or check your return, and you could find super you have forgotten you have."
“Finding your lost super or consolidating any unwanted multiple accounts might not seem like it matters today, but it could make a massive difference to your retirement. Multiple accounts that you may not be aware of means multiple fees. It’s your money and you should make sure it’s working for you,” he said.
Paying the fees on multiple super accounts might not seem like such a huge deal, but it can have a significant impact on your savings come retirement. According to Stockspot research Australian millennials are already facing potential superannuation fees of more than $300,000 by the time they retire. Just imagine how much this would increase with two or three additional accounts.
Millions of people have already found and claimed lost super. The ATO says that during the last five years more than $10.7 billion has been consolidated from over 2.1 million super accounts through its online services. But there's still a whole lot more money to claim, and some of it could be yours.
Need some extra help with your tax return this year? Compare online tax return services here.