{"id":101525,"date":"2025-02-19T13:30:00","date_gmt":"2025-02-19T02:30:00","guid":{"rendered":"https:\/\/en.econostrum.info\/au\/?p=101525"},"modified":"2025-02-19T13:26:41","modified_gmt":"2025-02-19T02:26:41","slug":"51-million-in-unclaimed-super-millions-of-aussies-can-claim-their-200-cash-now","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/au\/51-million-in-unclaimed-super-millions-of-aussies-can-claim-their-200-cash-now\/","title":{"rendered":"$51 Million in Unclaimed Super: Millions of Aussies Can Claim Their $200 Cash Now"},"content":{"rendered":"\n

For millions of Australians, superannuation<\/strong> feels like a locked vault, only accessible after retirement. But a little-known rule from the Australian Taxation Office (ATO)<\/strong> could allow you to access some of that money right now<\/strong>\u2014without paying a cent in tax.<\/p>\n\n\n\n

The loophole hiding in plain sight<\/h2>\n\n\n\n

Most people assume they need to wait until age 65<\/strong> to withdraw from their super. However, if you have a super account separate from your main one, and it has less than $200<\/strong>, you can withdraw<\/strong> it at any time, no strings attached.<\/p>\n\n\n\n

The ATO recently revealed that $51 million<\/strong> in this type of unclaimed super is sitting there, just waiting to be collected.<\/p>\n\n\n\n

According to AustralianSuper education manager Peter Treseder<\/strong>, most people have no idea this option exists. Speaking to Yahoo Finance, he explained:<\/p>\n\n\n\n

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\u201cThe ATO keeps track of your super accounts, so you can go into your myGov account, navigate to the super section, and it will list all the super funds you have based on your Tax File Number (TFN). From there, you can consolidate.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Most Australians have no clue this money is theirs<\/h2>\n\n\n\n

A recent ATO survey<\/strong> found that a staggering 83% of people<\/strong> didn\u2019t know about this loophole. The best part? Withdrawals from these small accounts are tax-free<\/strong>.<\/p>\n\n\n\n

There are many reasons why you might have multiple super accounts<\/strong>. Perhaps an old employer set up a new fund<\/strong> instead of using your existing one. Maybe you changed your name or address<\/strong>, and your old account lost track of you.<\/p>\n\n\n\n

In cases where an account becomes inactive or uncontactable<\/strong>, it\u2019s classified as lost super\u2014and there\u2019s a lot of it.<\/p>\n\n\n\n

How much lost super is out there?<\/h2>\n\n\n\n

The ATO estimates that $17.8 billion<\/strong> in lost super<\/a> is floating around Australia. That\u2019s money that belongs to everyday Aussies<\/strong>, just waiting to be reclaimed. And it doesn\u2019t stop at superannuation. <\/p>\n\n\n\n

The Australian Securities and Investments Commission (ASIC)<\/strong> recently revealed that an additional $2.3 billion<\/strong> is sitting unclaimed<\/strong> in old bank accounts, Medicare benefits<\/a><\/strong>, and lost super funds<\/strong>. Amounts range from a few dollars<\/strong> to over a million<\/strong>.<\/p>\n\n\n\n

How to find and claim your lost super<\/h2>\n\n\n\n

The process to track down your lost money is surprisingly easy<\/strong>.<\/p>\n\n\n\n

If your lost super has been transferred to the ATO<\/strong>, you’ll need to collect some key details from your former super fund:<\/p>\n\n\n\n