Over $21 billion in superannuation is sitting in forgotten accounts across Australia, and it’s time to see if any of it belongs to you. Millions of Aussies have lost track of their super, whether from changing jobs or moving house. But don’t worry—there’s a simple way to find it.
What’s Happening with Australia’s Lost Super?
The Australian Taxation Office (ATO) has been working hard to reunite Australians with their lost super, helping more than 360,000 people recover about $600 million in just seven months. While the average amount of lost super is $2,950, some people have had much bigger windfalls. For example, a Melbourne man in his 70s discovered more than $100,000 sitting untouched in a forgotten account, and a woman in regional Queensland had a staggering $500,000 waiting for her.
Assistant Treasurer Daniel Mulino emphasized that Australians work hard for their super, and the government wants to ensure people can access what’s rightfully theirs. “That’s why the government has introduced laws to support Australians making an informed choice about their superannuation when starting a new job,” he said to Yahoo Finance. If you’ve changed jobs or moved around a bit, it’s possible that your super could be hiding in an account you forgot about.
How Can You Track Down Lost Superannuation?
Finding lost super is easier than you might think. To get started, simply log into your myGov account, connect it to the ATO, and use the lost super search tool. If the funds are hard to access, the balance can be transferred to the ATO until it’s claimed. The ATO keeps track of super funds that haven’t received contributions for 12 months or more. After five years without contributions, they’ll report the account as unclaimed.
Super funds are required to notify the ATO if they can’t contact you or if there’s been no activity in your account. The good news is that you don’t have to wait for the ATO to find you—take charge and search for any lost super yourself.
Why Should You Care About Lost Super?
You might be thinking, “Why does it matter?” Well, super is a crucial part of saving for retirement, and that forgotten money could be more important than you realize. Let’s face it—living off the age pension alone might not cut it. By tracking down lost super, you could add a significant chunk to your retirement savings, giving you more financial freedom in the future. Plus, it’s money you’ve already earned, so why not claim it?
If this sounds like something you’ve been putting off or just didn’t know about, now’s the time to take action. Go online, check your lost super, and get back what’s rightfully yours. Whether it’s a few thousand dollars or a small fortune, every little bit helps when it comes to securing your future. After all, it’s your money—don’t let it just sit there.
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