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Are you wondering if any of Australia’s $17 billion in lost super is yours? We show you how easy it is to find out.
It’s likely many of us have lost track of super money at some point in our working lives. It’s easy to lose contact with your super fund/s when you move house, change jobs or get married and change your name.
What is lost super?
Recently the Federal Government passed new legislation that redefines lost super and makes it easier for people to find their lost super money.
Under new rules, super is considered lost and is transferred to the Australian Taxation Office (ATO) when:
Lost super is held in trust by the government until it’s reclaimed by its owner. The good news is that it’s easy to reclaim your lost super from the ATO, and from 1 July 2013 lost super money held by the ATO will receive interest – although only at the rate of inflation.
Finding your lost super
It’s simple to find your lost super and you can do it online. SuperSeeker (ato.gov.au/superseeker) is the ATO’s free online search tool that helps you find lost and unclaimed super. You’ll need to enter your name, date of birth and tax file number. Your lost super accounts will be located and displayed. You can then register with SuperSeeker (you’ll need to provide information to identify yourself) and complete the necessary forms to transfer your lost super into your super fund.
Making up for lost time
You could make your super money work harder by moving it into your super fund. Your super fund will generally have a wider range of investment options for you to invest in, which could generate a return higher than inflation over the long term. The sooner you find your lost super and put it into your chosen fund, the sooner your super money can start working harder for your retirement.
Another advantage of holding money in your super fund is that you may be eligible to take out tax-effective insurance cover – so you and your family can be protected.
Next steps
You could make a big difference to your financial future by investing a small amount of time:
What you need to know
Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. If you decide to purchase or vary a financial product, your financial planner, our practice, AMP Financial Planning Pty Ltd and other companies within the AMP Group will receive fees and other benefits, which will be a dollar amount and/or a percentage of either the premium you pay or the value of your investments. You can ask us for more details.
