On 21 September 2017, the ATO announced the latest figures on lost and unclaimed superannuation.
At 30 June 2017, there was almost $18 billion in lost and ATO-held superannuation accounts Australia-wide.
The ATO’s report also breaks down the lost super accounts by postcodes. TJN Accountants is located in Helensvale (postcode 4212). In Postcode 4212, there is a total of $17.8 million in lost and ATO-held superannuation accounts. Find out the amount of lost super for your postcode here.
A super account is considered “lost” when the fund loses contact with the member. By law, after a period of time, lost super accounts are transferred to the ATO and held as unclaimed super accounts.
People can lose contact with their super funds when they change jobs, move house or do not update their details with the fund. There are almost 2.3 million Australians with 3 or more super accounts. Multiple super accounts generally means multiple fees and charges.
The Assistant Commissioner Debbie Rawlings said the easiest way for people to keep track of their super and find lost super is to use the ATO online services through myGov. You can use myGov to track down lost super and transfer it to a fund of your choice.
Once you have linked your myGov account to the ATO online services, you can view all of your super account details (including any lost accounts) and you can choose to claim or transfer the super accounts online.
Please give us a call on (07) 56656469 if you want more information on finding your lost superannuation accounts.
DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent,
Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or lifting weights in her local CrossFit gym. Book in to see Jeanette today.