Almost $14 billion in Australians’ hard-earned wages – including $44 million in the Nicholls electorate – is waiting to be claimed in the form of lost and unclaimed superannuation.
Data released by the Australian Taxation Office for the financial year ending June 2020 shows that the Federal Government’s reforms have had a significant impact, helping reduce unclaimed super by $7 billion compared to 12 months earlier. But there is more to be done.
Workers may have lost or unclaimed super if they have: changed their name; moved jobs or changed addresses; or forgotten to update details with their super fund in the last few years.
Lost superannuation refers to inactive super fund accounts and ones that have lost contact with their fund member. By law, the fund is required to transfer certain accounts to the ATO, which then becomes “unclaimed super money”.
Unlike super funds, the ATO does not charge fees, and thanks to reforms passed by the Federal Government, it proactively consolidates any unclaimed super into an eligible, active super account where possible. Those reforms have seen $7 billion already sent back to workers.
Federal Member for Nicholls, Damian Drum, said there was $44 million unclaimed in Nicholls that workers might be unaware they are entitled to.
“By logging into MyGov, and checking for lost super with the ATO, you could in a few clicks boost your super balance,” Mr Drum said.
“Thanks to actions taken by the Federal Government, $7 billion has already been reunited with workers, but with $13.8 billion still waiting, it is worth taking the time to check.”
The Federal Government’s Protecting Your Super reforms have resulted in the ATO proactively reuniting more Australians with their lost and unclaimed super.
Since November 2019, almost 3.3 million accounts worth almost $4.3 billion has been proactively reunited and paid out to their rightful owners.
You can search for lost and unclaimed super by postcode on the ATO website.