ATO urges Australians to check for $17.8 billion in unclaimed super

There is $17.8 billion in unclaimed cash, the ATO says, and some of it could be yours.

Taxpayers have been encouraged to check for any unclaimed or lost superannuation, as the Australia Tax Office ATO reveals it has $17.8 billion of unclaimed money.

The ATO also said that people who retired could be set for a savings boost. More than $460 million of unclaimed super is being held for people over 65.

On Tuesday, ATO Deputy Commissioner Emma Rosenzweig said: “Many Australians have forgotten to update their contact details, so their super fund can’t find them.

“If you’ve changed job, moved house or simply forgotten to update your details, you may have lost or unclaimed super - more money in retirement may be on the table.”

When money is being helded by a super fund that cannot contact you, it is classified as lost. That money is transferred to the ATO after a period, before becoming unclaimed superannuation.

Taxpayers have been urged to check for any lost or unclaimed superannuation. Picture: Getty

All super accounts, including lost super, can be found on ATO online services.

‘Since 2021, the ATO has reunited almost $6.4 billion of unclaimed super with its owners. But there is still more than $17.8 billion waiting to be found,’ said Ms Rosenzweig.

‘If you’ve changed job, moved house or simply forgotten to update your details, you may have lost or unclaimed super.

Taxpayers and retirees can follow instructions to confirm their contact details, and check for lost or unclaimed super.

The money can then be transferred to an eligible super account. If the amount is less than $200, or you are over 65, it can be transferred straight to a bank account.

“Superannuation is a key part of your retirement, and we want to make sure Australians are claiming the investment they’ve worked for,” Rosenzweig said.

You can start the process of finding lost or unclaimed super at the ATO website.