There’s greater than $1 billion in unclaimed superannuation held by the Australian Taxation Workplace sitting in round 730,000 accounts in Australia.
The ATO works to assist reunite people with their unclaimed tremendous cash and the excellent news is a number of the misplaced money may land in pockets by Christmas.
One Sydney postcode, 2170, which covers suburbs together with Liverpool, Moorebank and Casula in Sydney’s south west, has greater than $81 million sitting in misplaced and unclaimed tremendous, which is the best quantity for any space this monetary 12 months.
“We have now had nice success reuniting folks with their tremendous, together with some actually giant quantities,” an ATO spokesperson advised information.com.au.
“For instance, we have been capable of pay out over $200,000 in tremendous to a 78-year-old who was not conscious of their unclaimed tremendous.”
There was round $13.9 billion in misplaced and ATO-held tremendous this 12 months, together with unclaimed tremendous cash, as at 30 June 2020.
“It is a giant discount in holdings in comparison with 30 June 2019 the place the worth of misplaced and ATO held tremendous was $20.5 billion,” the spokesperson mentioned.
“This discount is attributed partially to the Defending Your Tremendous legislative change that permits the ATO to consolidate tremendous into energetic tremendous funds on a person’s behalf or pay quantities on to the checking account of eligible people.”
HOW TO GET YOUR LOST SUPER
You may simply seek for your misplaced tremendous, which the ATO encourages everybody to do.
The knowledge is free and simply accessible.
There are 3 ways you may seek for misplaced tremendous:
• by ATO on-line utilizing myGov
• by phoning the misplaced tremendous search line 13 28 65
• by finishing a paper type
Having a number of tremendous accounts may imply you’re paying a number of charges and expenses, which can cut back your total retirement earnings, the spokesperson defined.
“Earlier than consolidating your accounts, you might wish to think about any impacts closing accounts could have on any insurance coverage you might have in your tremendous accounts,” he mentioned.
Tremendous funds are required to switch misplaced and unclaimed tremendous to the ATO for quite a few causes, akin to in case your tremendous fund has misplaced contact with you resulting from a change of contact particulars or in case your account has a low steadiness.
“The place eligibility standards are met, we are going to proactively reunite unclaimed tremendous cash we maintain for you into one in every of your energetic tremendous accounts,” the spokesperson defined.
“For quantities under $200, or purchasers who’re 65 years and over, we pays on to your checking account if we’ve got it.”
Superannuation funds usually report and pay unclaimed tremendous cash to the ATO twice per 12 months.
“Our techniques function frequently, all year long, to proactively consolidate these moneys into an energetic account for a person the place we’ve got ample data to take action and in accordance with the related legal guidelines,” he mentioned.
“Whereas we proceed our reuniting actions all year long, we see a excessive variety of accounts reunited in April/Could and October/November of every 12 months instantly following the tremendous fund reporting durations.”
From July 1, 2014 to June 30, 2019, 2.6 million accounts to the worth of $15 billion have been consolidated by fund members utilizing ATO on-line companies.
Extra data will be discovered on the ATO authorities web site.