The ATO is urging taxpayers to take a few moments when doing their 2018 tax to check their superannuation, saying it only takes “two clicks at tax time and your super is sorted”.
“Tax time is the best time to check your super ,” said ATO Deputy Commissioner James O’Halloran.
“Most people might not realise how easy it is, you just click on the super tab next to the tax tab while you are online to do your tax or check your return, and you could find super you have forgotten you have,” he said.
“Finding your lost super or consolidating any unwanted multiple accounts might not seem like it matters today, but it could make a massive difference to your retirement.”
“Multiple accounts that you may not be aware of means multiple fees. It’s your money and you should make sure it’s working for you.”
In the statement the ATO does not warn taxpayers to carefully consider insurance when consolidating super fund accounts, which can result in losing coverage. Elsewhere on the ATO website it warns: “…before consolidating, check you will not lose valuable insurance.”
Over $18 billion worth of superannuation is currently lost or unclaimed.
“If you have ever changed your name, address, job or lived overseas, chances are you may have lost super waiting to be claimed,” says the ATO.