What is lost super?
Lost super is money in a super account that you’ve lost track of, often from old jobs or inactive accounts. It may still belong to you, but it’s sitting in another fund or held by the ATO until you claim it.
Why does super go missing?
In the past, people may have lost track of super when they changed jobs. Particularly if the super contributions from their new job were paid into their new employer’s super fund and they didn’t transfer funds from their previous super account. These days, you’ll usually keep the same super account when changing jobs instead of getting a new one.
Super can also become lost or unclaimed if a person’s previous super funds don’t have their latest address, email or phone number on file. If you have an AMP super account, you can update your contact details in My AMP.
Reasons to find your super today
If you reclaim your super before it is sent to the ATO, you may not lose insurance cover you may have inside your super (which you will if it’s transferred to the ATO).
Earnings on investments may be more favourable. This is because if your account is taken by the ATO, interest will be calculated using the consumer price index (CPI).
How super can become lost or unclaimed
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Reporting lost super
Your super fund will report you as a lost member to the ATO if 2:
- you are uncontactable and your account hasn’t received a contribution or rollover in the last 12 months, or
- you joined an employer super plan and the fund has not received a contribution or rollover for you in the last five years.
- your account has been transferred by another super fund as a lost member account.
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Paying unclaimed super to the ATO
Your super fund may transfer your super to the ATO if:
- you are a lost member and your account balance is less than $6000.
- you are over 65 and your fund has not received any contributions for at least 2 years and has been unable to contact you for 5 years or more.
- you have passed away, your fund has not received an amount for you in the last 2 years, and have not been able to pay the benefit to the person entitled to receive it.
- you are entitled to a family law split payment, but the fund has been unable to contact you or your legal personal representative to make the payment.
- your account is inactive for 16 months, has a balance under $6,000, and has no insurance.
- you are a former temporary resident and at least 6 months have passed since you’ve left Australia or your visa ended.
- your fund believes it would be in your best interest to pay the amount to the ATO.
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The simple money check that makes sense when you switch jobs Changing jobs is more than a career move – it’s a natural checkpoint for your super. A quick look now can help you see how your super is tracking against your goals. -
How Much Super Should I Have At My Age? See the average super balance for your age group, so you can get an idea of how your super savings compare.
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Important information
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