Lost and Unclaimed Superannuation

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.… Read More »Tidying up lost superannuation can “spark joy”, says ATO

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… Read More »Lost super down to $17.5 billion, but ATO-held super increases to $4 billion

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… Read More »Opt-out super account consolidation initiative could save $100 million a year

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.… Read More »Only takes two clicks at tax time to sort your superannuation: ATO

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… Read More »Government should make it easier for ATO to pay back lost super

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… Read More »Almost $18 billion in superannuation is lost or unclaimed

The Association of Superannuation Funds of Australia is urging Australians to reclaim their superannuation before it goes into government consolidated revenue. Association of Superannuation Funds of Australia (ASFA) CEO Dr Martin Fahy said Australians should do themselves a “festive favour” and claim their lost and unclaimed superannuation. “$2.5 billion currently sits… Read More »Find lost and unclaimed super before threshold increases to $6,000: ASFA

The Association of Superannuation Funds of Australia (ASFA) says the government’s increase to the lost superannuation threshold is having an “enormous impact” on the retirement savings and insurance benefits of Australians. ASFA, pointing to recently released ATO data, says that superannuation held by the tax office increased by around $470… Read More »Higher lost super threshold impacting retirement savings and insurance