Millions of Australians may be entitled to a share of $51 million in unclaimed superannuation, with some individuals able to withdraw up to $200 tax-free. The Australian Taxation Office (ATO) has urged Australians to check their super accounts, as unclaimed funds are sitting idle, waiting to be claimed.
How to Check for Unclaimed Super?
The ATO has made it easy for Australians to track down their lost or unclaimed super through the myGov portal. If you suspect you may have unclaimed funds, follow these steps:
- Log in to your myGov account (www.my.gov.au).
- Link your account to the ATO if you haven’t already.
- Navigate to the “Super” section, which will display all your associated super accounts.
- Check for any unclaimed super that may be eligible for withdrawal or consolidation.
According to the ATO, any super account with a balance under $200 that is inactive can be withdrawn tax-free at any time. This initiative aims to help Australians consolidate their retirement savings and access small balances that may otherwise be forgotten.
How Much Unclaimed Super Exists?
The latest ATO figures reveal that Australians collectively have $17.8 billion in lost or unclaimed superannuation. This includes accounts that have been inactive for long periods, those belonging to individuals who have changed jobs, moved addresses, or forgotten about smaller funds.
Super funds are legally required to transfer inactive accounts to the ATO if they meet certain conditions, including having a balance below $6,000 and no contributions for 16 months or more. The ATO then holds these funds until they are claimed.
Why You Should Act Now?
Claiming lost super is not just about accessing small amounts of money—it’s also about ensuring that your retirement savings are maximized. Unclaimed super left idle may not be growing at the same rate as active super accounts, meaning you could be missing out on valuable returns.
By consolidating your super, you can also reduce the fees and charges associated with managing multiple accounts. The ATO encourages individuals to take action now to avoid losing track of their funds.
How to Claim Your Money?
If you find an unclaimed super balance under your name, claiming it is a simple process:
- Follow the steps in your myGov account to transfer the funds to your active super account or withdraw the eligible amount.
- Ensure that your personal details, such as your Tax File Number (TFN) and contact information, are up to date to avoid future unclaimed funds.
- If you have more than one super account, consider consolidating them into a single fund to avoid paying multiple fees.
For more details, visit the ATO’s official page on unclaimed super: www.ato.gov.au/individuals/super.
Other Unclaimed Funds Australians May Be Entitled To
Beyond superannuation, many Australians are also unaware that they may be entitled to a share of $2.3 billion in unclaimed money held by the Australian Securities and Investments Commission (ASIC). These funds come from inactive bank accounts, shares, investments, and life insurance policies.
To check if you have any unclaimed money, visit ASIC’s MoneySmart website: www.moneysmart.gov.au.
Additionally, state governments hold hundreds of millions in unclaimed funds. For example, the NSW government has over $638 million in unclaimed money, including refunds, bonds, and inheritances. To search for state-based unclaimed money, visit your local government’s revenue or treasury website.
Preventing Future Lost Super
To ensure you don’t lose track of your super in the future, consider taking these steps:
- Keep your myGov and super fund details up to date.
- Consolidate multiple super accounts into one.
- Provide your TFN to your employer to ensure super contributions are correctly allocated.
- Regularly check your super statements and account activity.
Final Thoughts
With $51 million in unclaimed super and billions more in other lost funds, now is the perfect time to check if you’re entitled to any extra cash. A simple search through myGov could help you retrieve forgotten funds, reduce fees, and boost your retirement savings.
Don’t leave money on the table—take a few minutes to check your accounts today.
For more information, visit the ATO’s website at www.ato.gov.au or ASIC’s MoneySmart website at www.moneysmart.gov.au.
This article has been carefully fact-checked by our editorial team to ensure accuracy and eliminate any misleading information. We are committed to maintaining the highest standards of integrity in our content.
Premlata is a seasoned finance writer with a keen eye for unraveling complex global financial systems. From government benefits to energy rebates and recruitment trends, she empowers readers with actionable insights and clarity. When she’s not crafting impactful articles, you can find her sharing her expertise on LinkedIn or connecting via email at [email protected].