Australians urged to claim $17.8 billion in lost superannuation after ATO pays out $502 million
Aussies could be missing out on an extra cash boost to their superannuation if they don't claim or find their missing money. (Source: Getty)
Australians are being urged to check if they have extra superannuation accounts lying around gathering dust. You might have unwittingly signed up for an account when you started a new job years ago, and it could provide a nice cash boost in retirement.
Thankfully, that money isn't out of reach, and the Australian Taxation Office (ATO) has been helping people find their unclaimed super. Last year alone, it paid $502 million into bank accounts across the country.
"Don't miss out," the tax office said.
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What is unclaimed and lost superannuation?
Unclaimed or lost super is the money that sits in an account that isn't your main one.
If your superannuation is lost, it means your fund has lost contact with you, and the funds stay with them.
If it's unclaimed (also called ATO-held super), then the cash has been transferred to the ATO and is waiting to be put in the right place.
You might have moved house, changed jobs, switched phone numbers - whatever the case, you can't be reunited with the money unless you provide your most up-to-date details.
The ATO estimated last year that there is around $17.8 billion in lost and unclaimed super waiting to be claimed.
Even if you've retired and you think you have all your money, the ATO revealed there is around $471 million in unclaimed super belonging to people 65 and over.
Do you have a story? Email stew.perrie@yahooinc.com
How do I get it back?
All your super accounts, including lost and ATO-held super, are displayed on ATO online services.
The access this, you can log into myGov to have a look at what accounts are in your name or Tax File Number.
From the top menu, you have to select Super, and then either:
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