Super – Where art thou, Super?
As at 30 June 2016, there is over $5.7 million in lost super waiting to be claimed. Given this, the ATO is keen to reunite members with any lost super they may have accumulated over the years.
How Does Super Become ‘Lost’?
Super becomes ‘lost’ when funds haven’t been kept up-to-date with changes to personal details. It’s easy for this to happen considering that when you get married, move house or change jobs, the last thing on your mind is updating your personal details with your Super Fund.
When a Super Fund is unable to contact a member of their fund or they haven’t received any contributions or rollovers from the member for the last five years, the Super Fund is obligated to report you as a Lost Member to the ATO. Your details are then recorded on a Lost Member register in an effort by the ATO to provide a way for members to find any unclaimed super entitlement owing to them.
How Do You Claim ‘Lost Super’?
There are two ways you can check the register for any lost super you may have:
- You can download a ‘Searching for Lost Super’ (NAT 2476) form from the ATO website, which is then sent to the ATO directly and they will use the information you provide to search for any possible matches in their register.
- Alternatively, you can check your super by registering for the ATO’s online services via myGov. This will allow you to see details of all of your super accounts, find ATO-held super and will allow you to consolidate your super into a single fund.
Whilst the balances of your lost super accounts might not be substantial when these accounts are all rolled into your SMSF they do accumulate. Additionally, even when your additional accounts have not received a contribution for some time, they are still active and are being charged admin fees and in some cases insurance fees– ultimately eating into your retirement nest egg.
Ultimately, although your retirement might be a long way off, getting on top of your super accounts now will put you at a much better position when you finally choose to retire.
Written by: Jenny Rodrigo, Advivo Superannuation Specialist
Brought to you by: Advivo Accountants and Advisors