Unclaimed $16 Billion: ATO Urges Australians to Find Their Lost Super

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A whopping $16 billion of lost and unclaimed super lies in Australia. 

This incredible amount has sparked the Australian Tax Office (ATO) to urge citizens to check their accounts to reclaim some of these missing funds.

Startling figures from the ATO demonstrate that Australians must claim a whopping $2.1 billion in superannuation during last year’s financial period!

According to Deputy Commissioner Emma Rosenzweig, people frequently become disconnected from their super funds when they switch jobs, relocate or need to update their details.

Rosenzweig encouraged Australians that discovering missing or unclaimed super was a simple process.

“No need to worry – your super is not gone for good!” she said.

“With the convenience of myGov and ATO online services, finding your lost or unclaimed super has never been easier.”

Superannuation funds are at a loss when the owner of an account cannot be contacted or if it is not used for an extended period.

Once a provider’s contributions to the ATO reach specific thresholds, they must submit and remit those funds.

According to the ATO, their existing super funds have witnessed a remarkable 40% surge since 2019, bringing the total investments to $5.6 billion.

“Although we are doing our best to return this money to its rightful owner, it is important that people keep their contact information up-to-date,” Rosenzweig said.

“To guarantee you get what is due to you, be sure that your contact information and banking account details are always up-to-date.”

A quarter of Australians possess at least two accounts, resulting in considerably lost superannuation.

“Although some individuals are aware that they possess multiple accounts, others may be unaware of such a fact,” she said.

“Without realising it, you could be hemorrhaging hundreds of dollars annually to fees if you maintain multiple accounts,” Rosenzweig concluded. 

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