Billions in lost super waiting to be claimed: Here’s how to check what you are owed

Australians are being urged to check for lost superannuation, with more than $21 billion waiting to be claimed.

Australian Taxation Office (ATO) deputy commissioner Ben Kelly said a five-minute check could result in a financial boost.

“You always want to know where your wallet is,” Kelly said.

“Lost super is much the same.

“It’s your hard-earned money, and a quick search can reconnect you with that money to make sure you are maximising your retirement savings.”

Superannuation can become lost when an account is inactive from no contributions, contact details are not up-to-date and holding multiple accounts.

“We know life gets busy,” Kelly said.

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“If you change jobs, move house or switch phone numbers, this can leave super sitting in old or inactive accounts, or result in your super being transferred to the ATO.

“By updating your contact details with your super fund and the ATO, or letting us know your nominated super account, you may be reunited with money you had long forgotten about.

“Many individuals did not realise their super was lost.

“For all individuals, but especially at or approaching retirement age, every dollar counts.

“We are focused on reuniting people with what’s rightfully theirs to help bolster their nest egg and make the most out of retirement.”

About four million Australians held two or more super accounts on June 30 this year.

“Holding multiple accounts might not sound like a problem, but it could mean you’re paying multiple sets of fees and insurance premiums, which can draw down your retirement savings over time”, Kelly said.

Last year the Australian Taxation Office returned more than $1.1 billion in unclaimed super through consolidations to super accounts and direct payments to eligible individuals.

The ATO reconnected a married couple approaching retirement with their super accounts valued at more than $1 million.

“The average amount in lost super is around $41,000,” Kelly said.

“Depending on your age, this could grow to hundreds of thousands of dollars if you put it to work for your retirement where you want it.

“Think of lost super as lost opportunities, finding it now could help maximise your savings in retirement.”

Visit the ATO website to check for lost or unclaimed super.