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Super pot of gold could await at the end of the ATO rainbow
For retirees looking for an early Christmas present, it could be a worthwhile exercise to check with the Australian Tax Office (ATO) to determine whether there is a superannuation payout in their name sitting idly there.
It’s not small bikkies. According to the latest ATO data released in September, of the $6 billion it is holding in unclaimed super, more than $471 million belongs to 295,000 account holders aged 65 or over. Do the maths and, on average, that’s $1,610 for every account holder.
Obviously, that average will be much smaller for many accounts, which means there are some retirees sitting on a small fortune in superannuation they can immediately access.
That money only applies to the superannuation held by the ATO. As the regulator’s data shows, in total there was $17.8 billion of unclaimed super at June 30, 2024, associated with a staggering 7.1 million individual super accounts.
Breaking down the ATO numbers, superannuation funds held $11.8 billion in “lost super” in about 333,000 individual accounts, of which 192,000 “lost uncontactable” accounts totalled $6.2 billion and 141,000 “lost inactive” accounts accounted for another $5.6 billion.
It’s not like the ATO is playing hard ball. It has repatriated about $6.4 billion across all ages since 2021, detailing on its website how you can get your hands on your money. For anyone who has had more than one super fund, different jobs, or even a name change, chances are there’s a windfall awaiting you.
So, what to do? The first step is to find your super, and one way of doing this is to search on the ATO online services through myGov – it should only take a few minutes. You just need a myGov account linked to the ATO. Once you link your myGov account, you can also use the ATO app.
Log on to ATO online services through the myGovExternal link. From the top menu, select super. Then select fund details to check for lost super (if you want to keep your super with the same fund, contact them directly to update your details).
Alternatively, you can transfer this lost super to an eligible super account or ask your fund to complete the transfer for you. If the sum is less than $200 or you are aged 65 or over, you can withdraw it.
Other helpful advice on the ATO website includes:
Having trouble finding lost super? If you think you have lost super but can’t see it on ATO online, the ATO may not have all your details. Contact your super fund to check your member number, the amount of lost super and when it was transferred, then contact the ATO.
Unclaimed super after you reach 65: If the ATO holds unclaimed super for you, they may be required to pay this directly to your bank account when you reach 65. If you want your money to stay in super after you reach 65, you need to make a super fund nomination.
Accessing your super: Generally, you can access your super when you reach age 60 and retire, under transition to retirement rules, or when you reach age 65 even if you’re still working.
Preventing lost super: Keep track of your super and keep your contact details and tax file number (TFN) up to date on ATO online and with your super fund. Remember, this still applies to those 65 and over who remain in the workplace and are making SG contributions.
There are myriad reasons why many people lose track of their super. Young people shifting between casual jobs (often while studying) can accumulate several funds reflecting different industry sectors, and then forget to consolidate their superannuation on entering the workplace in a permanent position.
Other factors can be moving house, living overseas or simply forgetting to update your details. If you think any of these situations apply to you, what are waiting for? The ATO might have a little honey pot just waiting for you.
