$17 bilion in unclaimed super waiting to be found

Australians are missing out on more than $17.8 billion in lost and unclaimed superannuation, according to new data from the Australian Taxation Office (ATO). Many people are unaware that they may have money waiting for them due to outdated contact details or forgotten super accounts.

Deputy Commissioner Emma Rosenzweig said the ATO is eager to reunite Australians with their missing super, emphasising the importance of ensuring that superannuation details are kept up to date.

“Since 2021, we’ve managed to reunite almost $6.4 billion of unclaimed super with its rightful owners. But there’s still $17.8 billion left to be found,” Rosenzweig said. “If you’ve changed jobs, moved house, or simply forgotten to update your details, you might have unclaimed super.”

Billions in superannuation unclaimed

Superannuation is a vital part of retirement planning, yet many Australians are unaware that they may have multiple super accounts, especially if they have worked with different employers. Superannuation funds often struggle to locate individuals who have not updated their contact information, leaving large amounts of money unclaimed. The ATO reports that even retirees are missing out, with $471 million held for Australians aged 65 and over.

“We want to make sure Australians are claiming the investment they’ve worked for,” Rosenzweig said. “Whether you’re still working or have already retired, it’s worth checking to see if some of the $17.8 billion in lost and unclaimed super belongs to you.”

For those unsure of how to track down their superannuation, the ATO has developed a simple Super Health Check, a five-step process designed to help Australians reconnect with their lost funds in just a few minutes.

How to reclaim lost super

Confirm your contact details: Ensure your superannuation fund has your current address and contact information. This simple step can help avoid lost super in the future.
Check your superannuation balances and employer contributions: Make sure you’re receiving the correct contributions from your employer by checking your account regularly.
Look for lost and unclaimed superannuation: You can search for lost super annuation through your myGov account, or by contacting the ATO directly.
Find and consolidate multiple accounts: If you have more than one super account, consider consolidating them to save on fees and make managing your retirement savings easier.
Confirm nominated beneficiaries: Make sure your super is passed on to the right person by updating your nominated beneficiaries.

By taking these simple steps, Australians can boost their retirement savings and avoid leaving money unclaimed.

Why checking matters

With the rising cost of living and increased pressure on retirement savings, ensuring your super is all in one place and up to date is more important than ever. Even small amounts of lost superannuation can grow over time, providing a significant boost to retirement funds. The ATO’s latest campaign aims to make it easier for Australians to take control of their super and maximise their financial future.

Rosenzweig urged all Australians to take a few minutes to check their superannuation accounts. “It’s your money, and we want to help you get it back where it belongs—working towards your future.”

For more information on how to complete the ATO’s Super Health Check, visit the ATO website.

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