Minister defends ATO versus AUSfund on reuniting lost super

Assistant Minister for Superannuation Jane Hume has defended the ATO when it comes to reuniting people with their lost super, saying the ATO has reunited twice as much super in three weeks than an industry super owned fund has in two decades. Senior members of the superannuation industry were recently quizzed by a Parliamentary Committee… Continue reading Minister defends ATO versus AUSfund on reuniting lost super

$20.8 billion in lost and unclaimed superannuation a new record

The amount of lost and unclaimed superannuation has reached a new high, following law changes which expand the types of super accounts which need to be transferred to the ATO. The total amount of lost and unclaimed superannuation reached a new high of $20.8 billion as at 30 June 2019, according to the ATO. This… Continue reading $20.8 billion in lost and unclaimed superannuation a new record

Tidying up lost superannuation can “spark joy”, says ATO

Finding lost superannuation can “spark joy” says the ATO, after Australians used the tax office website to find and consolidate over $860 million in super. The ATO says that over 66,000 people consoldiated more than $860 million, across over 105,000 accounts, in the last quarter of 2018 using ATO online. ATO Assistant Commissioner Graham Whyte… Continue reading Tidying up lost superannuation can “spark joy”, says ATO

Lost super down to $17.5 billion, but ATO-held super increases to $4 billion

There is still over $17.5 billion in lost and unclaimed super, which is down by $426 million in 2017/18. But at the same time the amount of super held by the ATO has increased. ATO Assistant Commissioner Graham Whyte said it was a priority of the tax office to reunite people with their lost super.… Continue reading Lost super down to $17.5 billion, but ATO-held super increases to $4 billion

Opt-out super account consolidation initiative could save $100 million a year

An industry super fund initiative to consolidate multiple superannuation accounts on an opt-out basis will “cut through red tape” and could save eligible members an average of $260 a year in fees and insurance. Industry Super Australia announced that eighteen industry super funds, so far, were cooperating on a “collective cross-fund matching initiative” which could… Continue reading Opt-out super account consolidation initiative could save $100 million a year

Only takes two clicks at tax time to sort your superannuation: ATO

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… Continue reading Only takes two clicks at tax time to sort your superannuation: ATO

Government should make it easier for ATO to pay back lost super

The Government should make it easier for the ATO to use the information it has to reunite people with their unclaimed superannuation held by the ATO, says ASFA. Meanwhile a Minister has suggested super funds aren’t trying hard enough to contact members with lost super. Recently released figures show the ATO holds $3.75 billion in… Continue reading Government should make it easier for ATO to pay back lost super

Almost $18 billion in superannuation is lost or unclaimed

Almost $18 billion of superannuation savings is sitting lost or unclaimed, according to new figures released by the ATO. The ATO holds $3.75 billion in unclaimed super, while super funds hold $14.12 billion of lost super, as at 30 June 2017. This corresponds to over 6.3 million superannuation accounts. Assistant Commissioner Debbie Rawlings said the… Continue reading Almost $18 billion in superannuation is lost or unclaimed

Government should make it easier for ATO to pay back unclaimed super

The Association of Superannuation Funds of Australia (ASFA) has called on the Government to make it easier for the ATO to pay back unclaimed superannuation. In their 2017/18 pre-Budget submission, ASFA says the Government should give the ATO the power to pay unclaimed superannuation to a complying super fund when the ATO is satisfied that… Continue reading Government should make it easier for ATO to pay back unclaimed super

SuperSeeker to be decommissioned early due to system outages

The ATO has announced that SuperSeeker, an online service to help individuals find lost superannuation, will be decommissioned early. SuperSeeker was due to be decommissioned in April 2017. However the ATO has now announced the decision “not to revive this system,” after the IT outage in December 2016. “Individuals can find and manage their super using… Continue reading SuperSeeker to be decommissioned early due to system outages