Finding and reclaiming lost super in Australia

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If you’ve lost track of your super due to moving house, changing jobs, or simply managing more than one account, it’s possible that some of your super is unclaimed or lost. Keeping an active super account is important to ensure you’re not paying extra fees or missing out on benefits like insurance or higher investment returns. Understanding how to find your lost super can help you secure your retirement savings.

The Australian Taxation Office (ATO) offers several ways to search for lost or unclaimed super. You can use your myGov account linked to the ATO to search online, or alternatively, the automated super search line can help you track down your super using your Tax File Number (TFN). If you have lost or unclaimed super, consolidating your accounts into one preferred super fund can help reduce fees and make it easier to manage your savings.

To reclaim your lost super, you may need details such as your account number, Tax File Number, and contact information. If you have more than one account, consolidating them into an active super account can save you from paying unnecessary fees. Whether you’re a temporary resident or long-term worker, it’s essential to regularly check your super to ensure it’s being managed correctly and that you’re not missing out on unclaimed funds.

3 ways to find and reclaim your lost super

If you’ve moved, changed jobs, or updated personal details without notifying your super fund, you may have lost super or unclaimed super.

Here are three easy methods to track it down and take control of your funds.

1. Use MyGov to find your lost super online

The fastest way to find your lost super is by linking your MyGov account to the Australian Taxation Office (ATO). Once linked, you can use the ATO’s online services or app to search for any super accounts in your name and consolidate them. This helps prevent unnecessary fees from having multiple super funds. If you can’t set up a MyGov account, contact your super fund for assistance.

2. Call the ATO’s lost super search line

You can also search for your lost super by calling the ATO’s automated super search line at 13 28 65. Make sure you have your Tax File Number (TFN), super account numbers, and details of past jobs, names, and addresses. This is a good option if you have multiple employers or changed personal details without updating your super.

3. Fill out a paper form

If you prefer handling things offline, download the “Searching for lost and unclaimed super” form from the ATO website. Fill in your details and mail it to the Australian Taxation Office at PO Box 3578, Albury NSW 2640. This method works best if you’d rather not use online services or phone calls.

Understanding the difference between lost and unclaimed super

When managing your superannuation, it’s important to know the difference between lost super and unclaimed super. While both refer to inactive super accounts, the reasons behind their classification vary, and knowing these distinctions can help you keep your super active and avoid unnecessary issues.

What is lost super?

Your super account may be considered lost super if your super fund can’t reach you and there hasn’t been any recent activity on your account.

This typically happens if:

• You cannot be contacted, and no contributions or rollovers have been made to your account for 12 months.
• You joined an employer super plan, but no contributions or rollovers have occurred for five years.
• Your account was transferred to another super fund and is now marked as a lost member account.

Even when reported as lost super to the Australian Taxation Office (ATO), your money remains with your super fund until specific conditions trigger it to become unclaimed.

What is unclaimed super?

Unclaimed super refers to money that your super fund has transferred to the ATO, which will hold it on your behalf.

This occurs under certain circumstances, such as:

• You’re over 65, and there have been no contributions for two years, plus your super fund hasn’t been able to contact you for five years.
• You have passed away, and no contributions have been made for two years, with no way to pay your beneficiaries.
• You’re a former temporary resident of Australia, and six months have passed since you left the country or your visa expired.
• Your super is part of a family law split, but the super fund cannot ensure payment to you or your legal representative.
• You’re a lost member with a balance under $6,000.
• Your account hasn’t received contributions for 16 months, you don’t have insurance, and your balance is under $6,000.

By knowing the differences between lost and unclaimed super, you can take steps to keep your super active and ensure it doesn’t fall into these categories, maintaining control of your retirement savings.

Why you should consolidate your super accounts

Having multiple super accounts means you’re likely paying fees for each one, which can reduce your retirement savings. Every super fund charges fees, so the more accounts you have, the more these fees stack up. By bringing all your super into one account, you can cut out these extra costs and ensure more of your money stays in your super.

The first step is choosing which super fund you want to keep. Once you’ve decided, you can transfer the balances from your other accounts into this preferred super fund.

Consolidating your super will help you save on fees and make it easier to manage your money. With only one super account to track, you’ll have better control over your retirement savings, and it will be simpler to monitor your balance.

Why reclaiming your lost super is important

If you have lost or unclaimed super, it may hold a significant balance, including investment earnings from your super fund. Acting quickly to reclaim your super before it’s transferred to the Australian Taxation Office (ATO) could save you money and unlock additional benefits. It’s important to note that this is general advice, and for personalised information, it’s best to consult a financial planner.

One major reason to act fast is to retain any insurance cover included with your super account. If your super is transferred to the ATO, this insurance may be lost. Reclaiming your super early ensures you can continue to enjoy the protection your policy provides. To get more specific advice on this, speak with a financial planner from your super fund or your own financial planner, if you have one.

Another reason to reclaim your super early is to potentially benefit from better investment returns. Super funds invest your money, often providing higher returns than the interest applied by the ATO, which is calculated using the Consumer Price Index (CPI). Once your super is transferred, the ATO’s rate may not match your fund’s performance. Acting promptly can help your super balance grow under more favourable conditions.

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This outline is for general information only and not as legal, tax or accounting advice. It may not be accurate, complete or current. It is not official and not from a government institution. Always consult a qualified professional for specific advice tailored to your unique circumstances.