Understanding Lost Super

All / 13.05.2016

Your super account will generally be considered ‘lost’ if:**

  • no contributions or rollovers have been added to your super account in the last year and either your super fund never had an address for you, or mail sent to you by your super fund has been returned unclaimed,
  • or for employer default super plans, no contributions or rollovers have been added to your super account in the last five years.

If your super account is considered lost it could be transferred to the ATO if:

  • your account balance is less than $2000, or
  • your super fund is unable to identify you as the owner of the account based on the information reasonably available to them
  • your super could also be transferred to the ATO in certain other circumstances.

The ATO could also be holding other super amounts for you:

  • such as Super Guarantee amounts paid to them by a previous employer or Government Co-contributions or Low Income Super Contributions paid by the government
  • another way to find your super is using the ATO SuperSeeker Service
  • there are other circumstances in which the ATO could be holding your super.

 

Source: BT
* The Commissioner of Taxation Annual report 2014-15, available at ato.gov.au, reported $13.5bn in lost super as at 30 June 2015.

** The information provided is factual only and does not constitute financial product advice. This information is given in good faith and has been derived from sources believed to be accurate. It should not be considered a comprehensive statement on any matter nor relied upon as such we do not accept responsibility for the accuracy or completeness of this material. Except where contrary to law, we intend by this notice to exclude liability for this material.

The information shown is general information only, it does not constitute any recommendation or advice; it has been prepared without taking into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. Any taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and our interpretation. Your individual situation may differ and you should seek independent professional tax advice. You should also consider obtaining personalised advice from a professional financial adviser before making any financial decisions in relation to the matters discussed hereto.