26th Sep 2017
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Are you missing your share of $18 billion?
$18 billion superannuation bonanza

New figures show there is nearly $18 billion in superannuation sitting in 6.3 million lost and tax office-held super accounts – one for every fourth Australian. On average, that is $2857 in super for every lost and tax office-held super account.

“By using myGov to track down your super, the money will be transferred to your preferred fund, generally within three working days,” said Assistant Commissioner Debbie Rawlings.

This is the first time the ATO has published figures for both unclaimed and lost super, and the figures are higher than expected. Through the introduction of tools to find lost super, more than 1.68 million accounts and $8.12 billion over the past four years hav been returned to the rightful owners.

With so much money sitting unclaimed or lost, there have been calls from the industry for the ATO to intervene and do as much as they can to return this money to the rightful owners.

"A move to place the responsibility on the ATO to reunite lost accounts with their true owners would be welcomed by consumers," the Association of Superannuation Funds of Australia chief policy officer Glen McCrea said.

To find out if you have a claim to some of the $18 billion in lost and unclaimed super, follow the instructions at ato.gov.au.

Have you previously used the tool to find lost or unclaimed super accounts? How much did you find? Did you find the process easy?

Read more at moneysmart.gov.au
Read more at news.com.au

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    COMMENTS

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    26th Sep 2017
    9:10am
    Government should just use the funds to pay off debt
    Tom Tank
    26th Sep 2017
    11:51am
    You wouldn't say that if it was your money.
    Anonymous
    26th Sep 2017
    2:22pm
    What's the use of keeping in unclaimed for years .
    Better put it to good use .

    Irresponsible people obviously don't care about their money
    sooty
    26th Sep 2017
    11:43am
    The ATO do nothing to help. I had a case where the company I worked for 3-4 mths did not pay my super. I had all the pay slips, group certificates, but ATO could find no record. About $2000 loss for me
    KSS
    26th Sep 2017
    12:08pm
    It just goes to show how little attention people pay to their super.
    bob
    26th Sep 2017
    3:35pm
    I have just tried this link and after a mind numbing 20 minutes of answering questions I was locked out even though I had the answer in print in front of me an d checked it twice.Makes me glad I pay an accountant to deal with the ATO.
    Adrianus
    28th Sep 2017
    2:11pm
    I think it's about time the ATO deposited divided the $18b equally with all super members.


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