Calls for Aussies to get their share of $19 billion in unclaimed super
The Australian Taxation Office (ATO) has revealed there is $19 billion in lost and unclaimed super in Australia.
Data released today confirmed over seven million Australians are impacted, and they are now being urged to double-check their accounts.
The ATO said the average amount of unclaimed super per Australian stands at $2590, but said this could grow to tens of thousands of dollars by the time affected Aussies reach retirement age.
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Over seven billion Aussies have unclaimed super. Fairfax
ATO Deputy Commissioner Ben Kelly said many Aussies aren't even aware they have missing super.
"Checking for lost or unclaimed super is like reaching into your pocket and finding a $50 note, it's your money, you just didn't know it was there," he said.
"Your super can become lost if your account is inactive, and your fund can't contact you. If you've changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super."
Assistant Treasurer Daniel Mulino said there were many reasons why Aussies could lose track of their super or fail to claim it.
"It could be that you've changed your name, that you changed jobs, or even that you've worked overseas," he told media this morning.
"What this can mean is that people can find themselves paying multiple fees, which will obviously have a bad effect on people's end balances."
Daniel Mulino is urging Aussies to check if they are keeping track of their super. Alex Ellinghausen
However, the ATO was quick to point out the solution is simpler than some may realise.
"This super is not lost forever. The ATO wants to get this lost and unclaimed money back into your account," Kelly said.
"While we're working hard to ensure people get full access to the super they have worked for, it is important for people to keep their information up to date in myGov.
"Your super follows you through your career, so you should keep a check on your account."
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