Published on May 1, 2017 3:36 am, by Jen Bakker
At the end of June 2016, the Australia Tax office (ATO) reported that there were over 5.7 million lost and ATO-held superannuation accounts. The total value of these accounts was in excess of $14 billion.
We recommend that you do a search to see if you are one of the millions of affected Australians. If you have held casual jobs in previous years that may have paid super for you, if you have changed your name or your address as well as your job, or if you have become uncontactable for other reasons, you may find that you have additional superannuation that you don’t know about.
Lost superannuation may be reduced by fees, it may not be invested as you would choose, and it may have insurance premiums being deducted. After finding super, you can decide what to do with it. This could be as simple as rolling it over into your existing fund or accessing the balance if you are eligible.
There are a number of ways you can search for lost super.
Through a myGov account
1. Set up a myGov account at https://my.gov.au/mygov
Setting up a myGov account requires access to a computer, an email address, and the ability to answer personal identification questions.
2. Link your myGov account to the Australian Tax Office (ATO)
You will be given the option to link a number of services to your myGov account. At the bottom of the list, you will find the ATO. To avoid frustration, we suggest you have your previous year’s Notice of Assessment along with easy access to your bank details and any other information that may be able to be matched to your tax records. You will be asked a variety of questions before your account will be linked.
3. Visit the ATO link from your myGov account and select the Super tab
Once you have established your myGov account and linked it to the ATO, go to the ATO link and select the Super tab. This will display any superannuation accounts that you hold linked to your tax file number.
Complete a form and send it to the ATO
You need to print off and complete the Searching for Lost Super form that is available on the ATO website or you can access it by clicking on this link:
Once you have completed the requested details, mail it to the ATO at the address included on the form. The ATO will search for your Super and respond to you via mail.
Through your existing super fund
Most super funds give you the option to search for lost superannuation from your online portal. This is often as simple as logging in and searching. If your institution does not offer this service, we suggest contacting them or using one of the other ways to search.
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Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.