There was almost $17.5 billion in Lost Super at the end of FY2019 in Australia...
...and if you have inactive or lost super accounts with less than $6,000 in them, superannuation fund providers have to transfer your money to the Australian Taxation Office.
Super gets lost if it's hasn't been added to for 12 months or the Super Funds don't have your current address. At 30 June 2018, there were a total of over 6.3 million lost and ATO-held accounts with a total value of just under $17.5 billion:
What is Lost Super?
Lost super falls into two categories:
- Unofficial: A super fund which still holds money for you but you have lost contact with (so you don’t know you have it);
- Official: The ATO (Australian Tax Office) is holding some of your super because it has been left unclaimed by you.
Don’t panic – the money is still yours.
If you have myGov account and it's linked with your ATO account you can check if you have any lost super or ATO-held super there.
You can consolidate multiple super accounts on the portal as well. However before you make the decision to move your lost super, make sure you checked:
- If any termination or exit fees apply on the account you’re transferring from.
- Whether you have any existing insurance included on the account you’re closing.
- That your current employer is able to pay/contribute to your preferred fund.
If you would like a professional to do all these steps for you, please submit the form on this page and get FREE superannuation review!
You'll find out:
- If you have lost or unclaimed super;
- Do you pay multiple sets of fees (or even "fees for no service"!);
- Do you have multiple insurances (usually you can claim just on one);
- How is your super performing.
Employer contributions calculator
Use this super contributions pay calculator to:
- work out how much super you should be getting from your employer on a weekly, fortnightly or monthly basis
- check if you are getting the right amount per month