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Chances are if have had more than one job you probably have more than one superannuation account, especially if you have been happy to go with your employer’s default choice. If you haven’t kept track of where your superannuation is, you could possibly have thousands of dollars of lost superannuation sitting in multiple superannuation funds, or held by the Australian Tax Office as unclaimed super.
The good news is, finding your lost or unclaimed super is quite easy and by rolling all of your superannuation accounts into single fund (known as ‘ consolidating your super’) you may be able to save on fees and charges.
According to the Australian Tax Office their is over $18,200,000,000 in lost and unclaimed superannuation. That is a lot of money and with the average person having 3 superannuation accounts chances are some of it might be yours.
Lost super refers to superannuation that is not eligible to be withdrawn yet (known as preserved benefits) but the superannuation fund is unable to contact you. You can lose track of your super by
Finding and consolidationg your lost superannuation is quite easy but care should be taken as there are a few things to keep in mind.
Unclaimed superannuation refers to superannuation that is eligible to be withdrawn from your superanuation fund, but the superanuation fund is unable to contact you. Unclaimed superannuation can include the superannuation of:
Generally, unclaimed superannuation has to be reported to the Australian Taxation Office by superannuation funds twice a year, and any unclaimed superannuation is paid to them. The Australian Taxation Office then adds this data to its Superannuation Unclaimed Money Register. See myGov website for more information.
You can view and manage your active superannuation accounts with the Australian Tax Office via the myGov portal. The first thing you need to do is create online myGov account and link your Australian Tax Office account. to it.
Once your Australian Tax Office account is verified, select the ‘super’ dropdown menu in the taskbar to view all superannuation accounts currently registered under your name.
Reasons why you may want to consolidate include;
Reasons why you may not want to consolidate include;
There are a number of considerations to take and doing the research on each fund will help you make the right choice. It is important to look closely at their performance and the fees you are being charged. The insurance levels that you have based on your age and occupation and the type of cover that is available to you can really be important as most group insurance covers reduce with age to keep the premiums lower. If you have been injured in the past than your new superannuation insurance may not cover you for that injury so keeping an existing cover that will cover you can be really important.
If you would like some help or some advice we are more than happy to give it. Please fill in the short form below and we will give you a call back at the time requested.
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