October 29, 2015
Moved jobs or addresses and left super behind? We recommend tracking it down before the end of the year, when recent legislative changes that increase the lost superannuation threshold from $2,000 to $4,000 will take effect.
This means anyone with unclaimed super monies of up to $4,000 will see their accounts moved to the ATO until they’re claimed back. It’s estimated $480 million in unclaimed retirement savings will be moved over at 31 December this year.
It’s easy to claim back your super, however while it’s with the ATO you will lose any insurances and your money isn’t invested into the market – meaning you’re missing out on making your retirement savings work hard for you. To claim back your superannuation go to the ATO website.
What’s lost super and how can I find it?
Lost superannuation is defined as savings kept in a fund that does not have updated information to contact the member. It is also lost if the fund has not received a contribution or rollover for the member within the last five years.
You don’t pay fees on lost super accounts, however; you’ll only earn interest in line with inflation – currently tracking at 1.5 per cent, rather than the average return on a balanced fund of 9.8 per cent (for the 2014/15 financial year).
You can do an online search for your lost super at the ATO website. Or you can call the ATO 24 hours a day on 13 28 65. You’ll need your tax file number on hand.
For a quick search the ATO even has an app you can download.
To claim back lost superannuation you will need to create a myGov account, if you don’t already have one, and follow the steps outlined.
With nearly 30 million superannuation accounts for around 12 million working Australians the recent legislation aims to tidy up idle accounts and reunite them with their owners.
The threshold will increase again, to $6,000 at 31 December 2016, so there’s never been a better time than now to start tracking down your lost super and putting it to better use.