$16 Billion In Unclaimed Super – Is Some Of It Yours?

The Australian Taxation Office (ATO) has recently revealed that there is over $16 billion in unclaimed superannuation inAustralia and are urging Australians to check their superannuation accounts to ensure they are not missing out on any potential funds that may belong to them.

Wondering if there’s some of your super floating around in the ether?

The ATO's data shows that there are over six million lost and unclaimed super accounts in Australia. This includes accounts where the superannuation fund has lost contact with the account holder, accounts where the account holder has changed jobs, and accounts where the account holder has passed away. 

The ATO is encouraging Australians to check their superannuation accounts by logging into their MyGov account and using the ATO's online services. This will allow account holders to check if they have any lost or unclaimed super accounts and consolidate their super into one account. You can start the process (if you haven’t already) here: https://my.gov.au

The ATO has also made it easier for Australians to consolidate their superannuation accounts, with the introduction of the Super Match service. This service allows account holders to see all of their superannuation accounts in one place and choose which accounts they would like to consolidate.

Consolidating superannuation accounts is obviously beneficial, helping reduce the amount of fees you’re paying, simplifying your superannuation management, and potentially increase your retirement savings.

If you haven’t checked recently, it’s worth doing again …

The ATO has stated that it is important for Australians to check their superannuation accounts regularly, as lost and unclaimed super accounts can be transferred to the ATO if they remain unclaimed for a certain period of time. Once the account is transferred to the ATO, it can become more difficult for account holders to access their superannuation funds.

If you’d like help managing yours, your employers super orSelf Managing your fund, the Attune team is here to offer tailored advice that will help you get set up for a strong financial future. Give the team a call on1300 866 113 or send us an email to start the conversation.

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