Are you owed your dues?
If so – then you’re in good company! There are currently millions of Australians who are owed their share of the $20.8 billion in lost super monies (as of 30 June 2019).
In fact, in our Mackay postcode alone, there is over $50 million worth of lost and unclaimed superannuation on the same date! Moranbah topped $7 million.
What is lost super?
If a member has changed their name, address or possibly moved jobs, but the super fund has not been provided updated contact details (i.e. the fund cannot reach the member), and the account is not active (i.e. no contributions or rollovers), the account balance is considered lost. Likewise, if you have an inactive super fund (where no rollovers or contributions have been received for a number of years), your fund may be considered unclaimed.
When this happens, the funds may be transferred to the ATO to hold on the members’ behalf. The good news is – the money is still yours and you have the ability to claim it back!
What can you do about it?
Simply login or register for a myGov account to access the ATO online service portal and check your superannuation details.
Teneale Laister | CFP®️ Professional, BCom (Fin,FP,Mgt)(Hons), ADFS (FP) is a representative of Alman Partners Pty Ltd, Australian Financial Services Licence No: 222107.
Note: This material is provided for information only. No account has been taken of the objectives, financial situation or needs of any particular person or entity. Accordingly, to the extent that this material may constitute general financial product advice, investors should, before acting on the advice, consider the appropriateness of the advice, having regard to the investor’s objectives, financial situation and needs. This is not an offer or recommendation to buy or sell securities or other financial products, nor a solicitation for deposits or other business, whether directly or indirectly.