Lost and Unclaimed Superannuation

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

February 7, 2019February 7, 2019

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 »

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

October 19, 2018October 18, 2018

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 »

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

September 11, 2018September 10, 2018

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 »

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

July 23, 2018July 23, 2018

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 »

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

September 25, 2017

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 »

Almost $18 billion in superannuation is lost or unclaimed

September 22, 2017

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 »

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

February 15, 2017

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… Read More »

SuperSeeker to be decommissioned early due to system outages

January 31, 2017

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… Read More »

Find lost and unclaimed super before threshold increases to $6,000: ASFA

December 16, 2016

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 »

Higher lost super threshold impacting retirement savings and insurance

August 23, 2016

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 »