Retirement
Aussies still missing out on $20 billion in super
The pool of lost or unclaimed super has grown to $20.8 billion, according to new figures from the Australian Taxation Office.
Aussies still missing out on $20 billion in super
The pool of lost or unclaimed super has grown to $20.8 billion, according to new figures from the Australian Taxation Office.
The figure comes despite more than 540,000 active, lost and unclaimed super accounts worth more than $4.4 billion have been consolidated using ATO online via myGov last year.
“Often, people lose touch with their fund by simply changing jobs or moving home,” said commissioner Graham Whyte.
“It’s important to know that this doesn’t mean it’s lost forever – getting back in touch is easier than you think.”
Liverpool and surrounding suburbs have the most unclaimed superannuation, with 13,251 members missing out on $81,085,282 in unclaimed or lost superannuation, the ATO has flagged.
Mr Whyte highlighted how superannuation accounts with balances under $200 or that are owned by members over the age of 65 can have their unclaimed or lost superannuation deposited directly into their bank account.
Mr Whyte even explained how “a woman was previously reunited with over $600,000 of unclaimed super after losing her home in a bushfire”.
“As she was over 65, we were able to pay that money directly to her and she is now able to use this money to rebuild her life,” Mr Whyte said.
New legislation
Under new legislation, the ATO indicated that it is working to reunite low and inactive members with their retirement nest egg.
This law will require superannuation funds to report inactive and low balances to the Tax Office if they have been untouched for 16 months and have a balance below $6,000.
The ATO said it has already reunited just over 841,000 accounts worth nearly $1.38 billion with their owners.
This includes approximately 684,000 accounts worth $1.22 billion that have been transferred into an individual’s active super account and approximately 157,000 accounts worth $161 million directly to individuals’ bank accounts.
“With the ATO now able to reunite these inactive low balance accounts and previously unclaimed accounts, we’ve already started to see some incredible examples of people receiving meaningful boosts to their retirement savings,” Mr Whyte said.
nestegg has an interactive map to help Aussies see what suburbs hold the most in lost superannuation
RELATED ARTICLES
About the author
About the author
Superannuation
Rest appoints Marina Pasika as interim head of private markets
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Marina Pasika as the Interim Head of Private Markets. This decision comes as the fund embarks ...Read more
Superannuation
Payday Super bill introduces new challenges for SMBs, reveals Employment Hero CEO
The introduction of the Payday Super bill to the Australian Parliament has sparked a significant response from the business community, particularly among small and medium-sized businesses (SMBs)Read more
Superannuation
Rest urges Parliament to expedite payday super legislation
In a significant move towards enhancing retirement outcomes for Australian workers, Rest, one of the country's largest profit-to-member superannuation funds, has expressed strong support for the ...Read more
Superannuation
Recalibrated super performance test aims to enhance accountability and investment opportunities
In a move that signals a shift rather than a cessation, Australia's government has announced a targeted review of the superannuation performance test. This recalibration, prompted by the latest ...Read more
Superannuation
Super performance test faces a fork balancing member value productive investment and regulatory trust
APRA’s latest superannuation performance test results have reignited a high‑stakes debate: does the test optimise member value or unintentionally curb long‑term investment in housing, infrastructure ...Read more
Superannuation
Aware Super unveils innovative digital tool to boost retirees' financial confidence
Aware Super has unveiled a groundbreaking digital advice tool, Retirement Manager, designed to empower retirees by addressing their most pressing financial concerns. Developed in collaboration with ...Read more
Superannuation
APRA's super shake-up: Balancing accountability and innovation in the next round
Australia’s performance test has forced long-overdue transparency in super and accelerated consolidation. But as the regime broadens, its blunt edges are colliding with investment complexity, ESG ...Read more
Superannuation
APRA’s performance test is doing its job — but now it risks doing the wrong job well
Australia’s superannuation performance test has flushed out chronic underperformance and catalysed consolidation. But its latest results have reignited a bigger question: can a single, ...Read more
Superannuation
Rest appoints Marina Pasika as interim head of private markets
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Marina Pasika as the Interim Head of Private Markets. This decision comes as the fund embarks ...Read more
Superannuation
Payday Super bill introduces new challenges for SMBs, reveals Employment Hero CEO
The introduction of the Payday Super bill to the Australian Parliament has sparked a significant response from the business community, particularly among small and medium-sized businesses (SMBs)Read more
Superannuation
Rest urges Parliament to expedite payday super legislation
In a significant move towards enhancing retirement outcomes for Australian workers, Rest, one of the country's largest profit-to-member superannuation funds, has expressed strong support for the ...Read more
Superannuation
Recalibrated super performance test aims to enhance accountability and investment opportunities
In a move that signals a shift rather than a cessation, Australia's government has announced a targeted review of the superannuation performance test. This recalibration, prompted by the latest ...Read more
Superannuation
Super performance test faces a fork balancing member value productive investment and regulatory trust
APRA’s latest superannuation performance test results have reignited a high‑stakes debate: does the test optimise member value or unintentionally curb long‑term investment in housing, infrastructure ...Read more
Superannuation
Aware Super unveils innovative digital tool to boost retirees' financial confidence
Aware Super has unveiled a groundbreaking digital advice tool, Retirement Manager, designed to empower retirees by addressing their most pressing financial concerns. Developed in collaboration with ...Read more
Superannuation
APRA's super shake-up: Balancing accountability and innovation in the next round
Australia’s performance test has forced long-overdue transparency in super and accelerated consolidation. But as the regime broadens, its blunt edges are colliding with investment complexity, ESG ...Read more
Superannuation
APRA’s performance test is doing its job — but now it risks doing the wrong job well
Australia’s superannuation performance test has flushed out chronic underperformance and catalysed consolidation. But its latest results have reignited a bigger question: can a single, ...Read more
