Have you lost your Super?

Counting Australian Dollars

There is currently $11.7 billion sitting in lost Super accounts. If you have lost track of a Super, some of that money could be yours.

Are you affected?

Have you ever changed jobs, your name, address, or done casual or part-time work? If so, like many thousands of Australians, you could claim a lost or unclaimed Super that you didn’t even know about.

Almost $12 billion in unclaimed or lost Super is being held by Super funds or the Australian Taxation Office (ATO). A Super is considered lost when a fund is unable to contact the member and the account hasn’t received a contribution for five years.

It could simply be that you changed your address but forgot to notify your Super fund of the change. Almost 592,000 Super accounts remain idle and largely forgotten by the account holders.

If a lost Super has a balance of $4,000 or less, it will be transferred to the ATO and become an ‘unclaimed Super’.

There is good news however, like a lost Super, an unclaimed Super is yours, and you can claim it and transfer the balance to your preferred Super fund at any time.

What should you do?

You should start by checking to see if you have any lost or unclaimed Super.

Go to the ATO’s website, https://www.ato.gov.au/Forms/Searching-for-lost-super/ which will help you to search for any lost and unclaimed Super. You can also conduct a search via the Government’s myGov website – https://my.gov.au

What information do you need?

You will need your Tax File Number, full name and date of birth, so make sure you have these to hand.

If you want to transfer any lost or unclaimed Super to your preferred Super fund, you will also need your Super fund membership number.

For more information, speak to your AAM Financial Planner or email [email protected]

Ian Black
Head of Financial Planning & Wealth Solutions
AAM Advisory Pte Ltd

Source:
http://www.moneyandlife.com.au/individuals/get-advice/keeping-track-Super/

Disclaimer:
The views expressed in this article are those of the author and do not necessarily reflect the views of AAM Advisory Pte Ltd. This document/article should not be construed as an offer, solicitation of an offer, or a recommendation to transact in any securities/products mentioned herein. The information does not take into account the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a licensed financial adviser regarding the suitability of the investment product before making a commitment to purchase the investment product. Past performance is not necessarily indicative of future performance. Any prediction, projection, or forecast on the economy, securities markets or the economic trends of the markets is not necessarily indicative of future performance. Whilst we have taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness. Any opinion or estimate contained in this document is subject to change without notice. The above report may contain data obtained from third parties and as such we cannot guarantee the accuracy of this data.