'It's important to remain engaged with your super… not just when you are ready to retire'
Many employees are missing out: There is $16 billion in lost and unclaimed super across Australia.
That’s an increase of $2.1 billion since last financial year, according to the Australian Taxation Office (ATO), which is urging people to check their account to see if some of the money is theirs.
“Super is one of the most important investments many Australians will have during their lifetime, which is why we want to reunite hardworking Australians with what is rightfully theirs,” said Deputy Commissioner Emma Rosenzweig.
People often lose contact with their super funds when they change jobs, move house, or forget to update their details, she said.
“This doesn’t mean your super is lost forever – far from it. By accessing ATO online services through myGov, you can easily find your lost or unclaimed super.”
The new data also shows almost one in four (23%) Australians hold two or more super accounts — which can contribute to forgetting about or losing super, said the government.
“It’s important to remain engaged with your super fund through all stages of your life, not just when you are ready to retire,” said Rosenzweig.
Prior to 1st July 2022, employers were not obliged to pay superannuation for employees earning less than $450 per month. This has changed with the scrapping of the super guarantee (SG) threshold and is a major change for many employers who will be making superannuation payments to some of their employees for the first time.
Since November 2019, ATO said it has proactively consolidated almost 4.7 million accounts with a value of $7.1 billion dollars.
“While we’re doing all we can to get this money back where it belongs, we rely on people keeping their contact information up-to-date. The best thing you can do to ensure you’re getting what you’re entitled to is checking that your current contact information and bank account details are correct,” said the deputy commissioner.
