$16 billion in lost super waiting to be claimed

A staggering $16 billion is waiting to be claimed, and people don’t even need to buy a lottery ticket to get their hands on it.

Australians are being urged to check-in on their superannuation, with new data from the Australian Taxation Office revealing there is $16 billion in lost and unclaimed super across the country.

On Monday, the ATO said this was an increase of $2.1 billion from last financial year.

Deputy commissioner Emma Rosenzweig has reminded Australians that lost super can be easily found.

“Super is one of the most important investments many Australians will have during their lifetime, which is why we want to reunite hardworking Australians with what is rightfully theirs,” Ms Rosenzweig said.

“People often lose contact with their super funds when they change jobs, move house or simply forget to update their details,” she said.

Australians are being urged to check their superannuation, with new data from the ATO showing there is $16 billion in lost super across the country. Picture: NCA NewsWire / Gaye Gerard

“This doesn’t mean your super is lost forever – far from it. By accessing ATO online services through MyGov, you can easily find your lost or unclaimed super.”

Super becomes “lost” when the member can no longer be contacted or the account is inactive, the ATO said.

They said super funds currently hold $10.4 billion in lost super, while the ATO holds $5.6 billion.

Since 2017, the ATO has consolidated $4.7 million accounts, worth as much as $7.1 billion.

ATO deputy commissioner Emma Rosenzweig said by accessing online services through MyGov, Australians can easily find their lost or unclaimed super. Picture: NCA NewsWire / Joel Carrett

“All lost members accounts with balances of $6000 or less are transferred to the ATO, which means there are large sums of money waiting for people to claim,” Ms Rosenzweig said.

“While we’re doing all we can to get this money back where it belongs, we rely on people keeping their contact information up to date,” she said.

“The best thing you can do to ensure you’re getting what you’re entitled to is checking that your current contact information and bank account details are up to date.”

Last week, the federal government hinted at an overhaul of super by flagging a cap on tax concessions for super accounts with balances in excess of $3 million.