According to the Australian Taxation Office (ATO), there is $16 billion in lost and unclaimed super across Australia, representing an increase of $2.1 billion since last financial year. The ATO is encouraging people to check their accounts to determine if some of the money belongs to them.
Deputy Commissioner Emma Rosenzweig stated that super is an essential investment for many Australians, and the goal is to reunite hardworking Australians with their rightful funds.
She further explained that people often lose touch with their super funds when they change jobs, relocate, or fail to update their information.
The government noted that almost 23% of Australians hold two or more super accounts, which can contribute to losing or forgetting about super. Rosenzweig advised individuals to remain engaged with their super fund throughout all stages of their life, rather than waiting until retirement. Additionally, employers were previously not required to pay superannuation for employees earning less than $450 per month before July 1, 2022, but this has since changed.
As of November 2019, ATO has consolidated nearly 4.7 million accounts worth $7.1 billion, but keeping current contact information and bank account details updated is the most effective way to ensure people receive what they are entitled to, according to the deputy commissioner.
