Lost Superannuation: A Guide To Unlocking Hidden Treasure

3 min read
19/03/24 3:20 PM

Have you ever stumbled upon a forgotten $20 bill in your pocket? Imagine the excitement of discovering thousands of dollars in lost superannuation funds that you had long forgotten about. This guide is designed to help you through the process of finding lost or unclaimed super.

Surprisingly, millions of Australians may have unclaimed super waiting to be found. According to recent data from the Australian Taxation Office (ATO), over $16 billion in super is lost or unclaimed, spread across multiple accounts. One in four Australians holds multiple super accounts, with some individuals having as many as ten, which increases the likelihood of lost super.

The Search Begins: Unravelling the Mystery of Lost Super

How Super Goes Missing

Lost or unclaimed super can occur when individuals undergo life changes, such as changing names, addresses, or jobs, without informing their super funds. Consequently, super funds may lose track of these accounts, leading to unclaimed balances.

Tracking Down Your Lost Super

Thankfully, several avenues exist to locate lost super. One option is to utilise the ATO or the services of a specialised organisation like Australian Super Finder. These entities specialise in searching for lost, inactive, and active super accounts, providing assistance in consolidating scattered super funds.

Finding Lost Super Online via myGov

For those with a myGov account linked to the ATO, finding lost super online is a straightforward process. By accessing the ATO's website through myGov, individuals can view details of all their super accounts, including any lost or forgotten ones. Additionally, individuals can locate any ATO-held super and consolidate all super funds into a single account.

Lost Super Search Line

Alternatively, individuals can initiate a super search by contacting the automated lost super search line. By providing relevant personal and super fund details, individuals can kickstart the process of locating and consolidating lost super.

Completing a Paper Form

Another method involves completing a paper form provided by the ATO. Once filled out, the form can be sent to the ATO's designated address for processing.

Other Third-Party Requests

For certain scenarios, such as accessing deceased individuals' super information, specific procedures need to be followed. Different actions are available for third parties, including public trustees, tax agents, and legal practitioners, each with distinct authorisation requirements.

Crescent Wealth can also Help

We've assisted our members in claiming millions of dollars in lost and unclaimed super. Inquire online or call us on 1300 926 626, and we’ll assist you in finding and transferring your super over the phone. Best of all, we won’t charge you for finding, claiming, and transferring your super into your Crescent Wealth fund, although your existing super fund(s) may charge you exit fees.

Consolidating Lost Super: Bringing It All Together

Combining Your Super Accounts

Having multiple super accounts can result in unnecessary fees, ultimately diminishing your super balance. Consolidating all super accounts into a single fund can save money and simplify management. You can also inquire online with Crescent Wealth to help you consolidate your super.

Keeping Track of Your Super

To prevent future instances of lost super, it's essential to stay connected with your super fund and update personal details promptly. Regularly reviewing your super accounts and consolidating them when necessary can streamline financial management and ensure maximum returns on your investments.

Unclaimed Super

In addition to lost super, individuals can also search for unclaimed superannuation and other unclaimed money through various channels, including the ATO's superannuation search tool and the Australian Securities and Investments Commission’s (ASIC) Unclaimed Money Search. Unclaimed super includes funds transferred to the ATO from small and inactive accounts, which can be claimed and transferred to a preferred super fund.

In conclusion, unlocking lost super can be a rewarding endeavour, offering a financial windfall that may have been long forgotten. By leveraging available resources and taking proactive steps to consolidate super accounts, individuals can reclaim lost funds and secure their financial future.

So, why wait? Start your journey to reclaim lost super today by checking using ATO online services or joining Crescent Wealth in under five minutes. If you need assistance with your lost super, or you are interested in making the switch to Crescent Wealth, call us on 1300 926 626.