Almost 18 billion in unclaimed superannuation
The ATO recently announced its latest figures on lost and unclaimed superannuation accounts. As at 30 June 2017, figures show that super funds are holding $14.12 billion of lost super, with a further $3.75 billion of unclaimed super held by the ATO, with a total value of almost $18 billion in unclaimed super.
If you’ve ever changed jobs, or held a second job that paid superannuation, then it’s possible you have some lost or unclaimed super that you don’t even know about. Having money in unclaimed super means you are probably losing out in one of two ways. If the ATO is holding your funds you are only paid an interest rate of 2 per cent a year which is about the inflation rate, so your funds aren’t growing at all.
Whilst most people seem to be catching on to the need to avoid having multiple accounts, there are still almost 2.3 million Australians with three or more super accounts. If you have multiple superannuation accounts and you consolidate your super accounts into one, you’ll avoid paying multiple sets of fees and charges.
To find any lost or unclaimed super, both the ATO has superannuation search tools. Generally all you need is your Tax File Number (TFN) and, if you want to transfer your unclaimed super to your preferred super fund, your super fund membership number as well. You can check your super by registering for the Australian Taxation Office's online services.
If you have any questions or would like to discuss, please contact us.
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