Your Ultimate Guide to Finding and Consolidating Lost Super

Having more than a single superannuation account

In case you already experienced having a few jobs, you would maybe still have more than a single superannuation account from your previous employers.

Maybe you have always wanted to have your superannuation sorted out but are not really certain how to proceed in combining all of your accounts. (This is usually called ‘superannuation rollover’ or ‘superannuation consolidation’).

It could be that you also have a single or more superannuation accounts you have totally forgotten about. This ‘lost superannuation’ is your money that you earned through hard work– so you have to definitely find it, and then prepare for it a really good spot to be.

This article is going to reveal to you how to place all of your super accounts in just one place, the reason it is worth every little bit of effort needed, and also the reason why AustralianSuperFinder would be an excellent place to begin.

What is Super?

Super is, simply put, is your golden egg. It is a secure kind of saving made to make certain that by the time you finally retire, you are going to have sufficient amounts of cash in the bank to help you with your elder years.

With the increasing expenses of, well, almost everything; you should no longer wonder that 73% of Australians wish that they had given more value to their superannuation in their younger years.

Okay, now that you have caught my eye. How is going to work?

According to law, employers are presently compelled to give a rate or 9.5% of the earnings you make from your work towards a designated superannuation fund. This is called the ‘Superannuation Guarantee’, and in the years to come that 9.5% is going to gradually work its way up to 12%.

As your superannuation amount slowly builds up, your fund is then going to invest that amount into a range of portfolios made to raise everybody's total balance, and (in an ideal situation), the Government recommends that you also donate your own extra funds anytime that it is proper to help make the most out of the money with the capacity of making interest.

It looks too direct - what then is the catch?

The catch, however, is double.

The first thing is that, there is the issue of ‘several funds’. Each instance that you change from a single work to a different one, that new employer is going to most probably suggest that you are going to use their nominated superannuation fund, which could leave you sorting several funds throughout the place. This not only scatters your money which results in a smaller total interest, you are also most probably giving different kinds of fees for every different account, which results in a smaller amount for your retirement.

The next issue with several funds is that we usually have a tendency to lose sight of them, and it is from this where we face the giant that is ‘Lost Superannuation’.

What Does It Mean When The Superannuation Is Lost? Is The Money Lost Permanently?

The answer is no. ‘Lost’ in this case is not the same as ‘gone’, it simply means ‘in another place’, and even so – it is not really as bad as it appears. Even if it could disappear from you, the government certainly knows where it's located and – even better – it wants you to have everything returned back to you.

An account is considered as ‘disappeared’ if (a) no donations or transferred have been included as addition during the last 12 months, and (b) either your superannuation fund never had a physical location for you, or mail sent to you by your superannuation fund has been returned without claim.

Knowing If I Have Lost Superannuation

If you are having this concern, then you are not the only one. According to report by Westpac, almost half of all workers from Australia (48% to be exact) do not know if they have got lost superannuation, which is going to help make sense of the $13.5 billion presently slowly getting forgotten rather than accumulating more interest from folks like you.

And to find it is really a lot easier than you had originally supposed.

Search and Rescue Team

In order to find your lost superannuation, all you really have to do is have your TFN or Tax File Number ready, and then call your fund or contact the Australian Tax Office or ATO at 13 28 61 and then simply talk to them that you wish to look for it, then they are going to set about finding everything for you.

Even a lot easier would be walking into any Westpac branch in your country (you do not even need to be a customer of Westpac), the employees and representatives are going to assist you in finding all your lost superannuation funds and send them to a single account in simply a matter of minutes.

A Few Ways of Rounding Up Your Superannuation

1. Verify if you have any ‘lost superannuation’. All you must have is your TFN or tax file number as well as the internet.
2. Have a record of the information of the other superannuation accounts by which you want your money transferred. You are going to require the names of the funds, as well as your ‘membership number’ or the number on your account. Look up your yearly statement – or simply contact the fund and inquire.
3. Select which of your superannuation funds you have to keep as your single ongoing account. If none of your superannuation funds satisfy your necessities you could open an account with a new fund, and make that your single account for your whole life. See this section for more info – Finding Lost Super
4. Get in touch with the superannuation fund you are combining your other accounts to (or look at their webpage). Normally they will have some kind of form (might be labelled as a ‘rollover form’) you will have to complete.
You are going to need to fill up separate forms for every super account that you are transferring.
You do not have to get in touch with the superannuation fund(s) you are transferring your money out of.
A lot of superannuation providers allow you to do majority of the rollover process on the internet.
5. Have a true copy of your passport or driver's license, or several copies if you are transferring several accounts. We cannot deny that having your papers certified and copied can be a bit of an issue – but it is not important since most superannuation funds are not going to release your cash amount except if they have some kind of evidence of who you are.
Be careful therefore not to have an ‘it is going to be right’ attitude and then submit your rollover form and not give any evidence of who you are.
6. Submit the true copies to your superannuation fund of preference in the post together with your superannuation rollover form(s). Do not send them through email or fax – they have to see the certifier’s true signature, and do not submit to them the original copies of your ppers (ie your driver's license or your actual passport).
7. Simply relax as the superannuation provider you are sending accounts to performs all the legwork. They are going to get in touch with your other funds and arrange for the money transfer – in a matter of 30 days.

Finding Lost Superannuation

If you have any lost superannuation, you are not the only one. There are around 3.4 million superannuation accounts out there which are gone, which totals to over $17 billion. The average lost superannuation balance on the account is thus somewhere around $4,800 – which is really worth locating.

How Superannuation Gets Lost?

A superannuation fund has to move your superannuation money to the ATO or Australian Tax Office if:

• You are a ‘lost account’ whose balance on the account is less than $2,000, or you’re a ‘lost account’ whose account has not been active for 12 months and your fund does not have sufficient details to make a payment to you.
• You’re a ‘lost account’ if your superannuation fund categorizes you as either out of reach or ‘not active’.
• Out of reach implies that they have not received a donation or rollover from you during the last 12 months and they are either not in possession of your address or have contacted you twice with the mail being returned.
• Not active implies that you entered an employer’s superannuation fund around two years ago and no donations or rollovers have been received on your behalf during the previous five years.

There are some other situations where your superannuation money might end up at the Australian Tax Office, in the case where you are a short-term resident who has departed from Australia, or you are currently divorced and privileged to get the superannuation of your ex-spouse but the fund could not get in touch with you.

Finding Lost Superannuation

DIY Method

Proceed to the Australian Tax Office’s SuperSeeker internet tool at ato.gov.au/superseeker to check if the Australian Tax Office is keeping funds in your behalf. (If you would instead not use SuperSeeker, contact the Australian Tax Office on 13 10 20 and they are going to perform a find for you.)

You are going to need your TFN or tax file number. If you cannot look for it, try your last tax verification notice or on a payslip from whomever you are working for. If that does not work, contact the Australian Tax Office on 13 28 61.

In case you are quite surprised to discover that you have one or more lost superannuation accounts, you could then proceed in moving them to your single account of preference.

Australian Super Finder can help you with this.

Combining Superannuation Accounts

Having several superannuation accounts normally implies settling various sets of charges. As time goes by it could really total to something. Also along with throwing away money on charges additional hassles come in such as:

• a compulsory check on all of your several accounts so that you can find your true overall superannuation balance getting many sets of superannuation documents each year to make truly certain that your investment judgments are in line throughout all of your accounts monitoring various life insurance coverage for every account.
• Therefore by mixing(labelled also as ‘consolidating’ or ‘rolling over’) your superannuation into a single account you are going to have just a single set of charges, a whole lot of administration, a single set of investment decisions, as well as more regulation of your funds as well as your insurance coverage.

If you do not think it is well worth the effort, you need to consider the situation below.

Jack is 35 years old and has an overall superannuation of $30,000 throughout across five superannuation accounts, each one with a balance of $6,000. Roxanne, also 35 years old, has consolidated her superannuation into a single account that also has a balance of $30,000.

Both of them give a yearly administration charge of $100 for every superannuation account.

While she is 65 years old, Roxanne is going to have $21,931* more than Jack, simply for the reason that she found the time to combine her superannuation. While in the process of doing so, she will only have a single lot of documents to consider and a single set of judgments to decide on regarding which investment choice her superannuation money has to be in.

More on Rolling over Your Superannuation

In case you have had more than just a single job, the chances are you are also going to have more than a single superannuation account, particularly if you have been content to agree with your employer’s default superannuation fund.

Having your entire superannuation into a single account (labelled as ‘rolling over your superannuation’) could be able to assist you in saving on charges and allow handling your superannuation simpler. If in the previous times rolling over your accounts meant filling up various forms, today everything you have to do is visit the myGov website.

Consolidation or No Consolidation: Why You Need To Roll Over Multiple Superannuation Accounts As One

• It is your desire to have actually more than a single superannuation fund. Why you need to do this is so you can reap the benefits of cheap insurance in a particular fund or raise the level of differences of investment choices.
• It may be that you could lose insurance privileges you will not have from a different fund at times it may not be possible for you to move your cash out of a certain account (for example, if you are with a defined privilege fund)
• Sometimes, it is better to handle your investment technique in case you only have a single account instead of having your superannuation go across multiple funds and in a lot of investment choices. This is another reason for having more than a single fund
• There is also a smaller opportunity of you having lost superannuation accounts if you only have a single account so you could monitor only a single fund so that you can say that you have changed your location
• fewer documentation: a single fund of course implies only a single group of documents (like fund reports and annual statements)
• Only a single set of charges to pay: you pay management as well as other charges on every superannuation account that you have
• a few funds demand an exit charge so that you can move your superannuation into a different fund. This charge could be a bit expensive

Selecting The Fund to Have

1. Should you realize where your superannuation accounts are, compare the charges, privileges and the behavior of every fund you set up an account with to make up your mind which one is ideal for you. If you have frequently chosen to proceed with the default fund of an employer, then now would be the best time to really sit down and see for yourself what every fund is really providing.
2. In case you have no idea where all of your superannuation accounts are, go to the myGov website and begin checking them one by one.
3. Verify if your funds are going to let you send your superannuation and also what the exit charges are.
4. Verify that your employer is going to be able to give you your superannuation into your selected fund before beginning the rolling over process. Not everyone who employs people can donate to all superannuation funds.
5. Differentiate the exit charges of every fund

Below is a simple superannuation checklist:

• What are your closing as well as your opening balances for the year? Are they correct?
• Have you acquired all the payments made by your employer? Verify these with your payslips as well as the MoneySmart employer donations calculator if you are not certain.
• Have any additional donations you had all throughout the entier year been moved into your account?
• What charges are you giving? Could you keep cash by going to another fund?
• Are you getting income protection insurance, life insurance or disability insurance by means of your superannuation fund? Make sure that you have the correct level of coverage for your circumstance. Might a different superannuation fund or insurance company provide a better offer?
• Do you receive returns for the investment choices you went into?

If something might appear to be mistaken or insufficient, or if you see some elements of the declaration that you do not comprehend, get in touch with your superannuation fund right away.

How Australian Backpackers Leaving the Country Can Get Their Super Back

A lot of guys who have had two years of their stints in the country think about getting their super. You are definitely entitled to it so you have the right!
Being temporarily employed in the country, you will not clearly have your retirement here.
This does not mean that your money from superannuation would be lost now that it is saved for you.
You own that cash, and you have the right to take get it as you depart Australia by getting a Departing Australia Superannuation Payment (DASP).
This article has just been published and it deals with all there is to know when you depart from Australia for a very long time.

The Departing Australia Superannuation Payments Structure

The Departing Australia Superannuation Payments structure lets a select few worthy individuals to claim payment for benefits of superannuation accumulated during their stay in Australia. The requirements of worthiness are declared by the Superannuation Industry (Supervision) Regulations of 1994.

If you have accrued superannuation during your stay in Australia as the owner of a Short-Term Resident visa, then you are worthy to file for a DASP granted that you fulfill all of the requirements below:

• Say for example you are a citizen of Australia, a permanent resident of Australia, a citizen of New Zealand or due to some cause get the option of an Australian retirement and get the privelege of accessing the age pension, then you are not going to be eligible for the payment of your benefits for superannuation till you reach the age of retirement.
You're not a citizen of Australia, a permanent resident of Australia or a citizen of New Zealand.
• The Short-Term Resident Visa that you had with you during your stay in Australia cannot be used anymore.

Previously you have been a Short-Term Australian Resident

You have departed Australia

Facts about Super

• Anybody who is under employment in Australia, earning above $450, has 9% of the salary they earn transferred by their employers to a superannuation fund.
• Leaving Oz, you can attempt to acquire this refund with Taxback.com.
• In order to apply you can go back to as far as 1994.
• Departing Australia Superannuation Payment is shortened to DASP.
• If you are in possession of $5000 it means around $1750 in taxes for the Australian government taxes because you need to pay 35% tax to the Government(DASP).
• AU$3380 is your average refund for your super!!
• With Tax Back it is free to grab an estimation for your refund.

Additional tips – When you reclaim your super and it is necessary to get it transferred from your bank in Australia to your European/UK/Irish bank account, then you are going to save a lot by means of any of the corresponding money transfer groups: Transferwise, OFX, HiFx, CurrencyFair.

The Amount That I Get Back

Great question! Perhaps the most frequently asked question that regarding super! How much money do I get back? You can find out if you use this super calculator!

Regardless, when you are reclaiming your super if you depart Australia you are going to get the benefit of a huge amount in return.

The Turnaround Time of the Claim Procedure

Usually, around 28 days since the timethat you submit your claim. Even if it is going to take a little while with the presence of a lot of information, in other words, several super accounts.

Claiming a DASP

There are about 3 methods for your super application. For each method you are enabled to reclaim your super because they are just as potent and dependent on the amount of effort and time you expend on it.

1. With an agency like Tax Back (highly recommended) first and foremost since they have accomplished 1000’s of these refunds!
2. Direct submission to your superannuation fund through paper applications (We don't recommend it).
3. Australian Taxation Office by online submission.

DASP Application Claims For Payment Are Lodged Through Methods Below:

If I want to reclaim my super early and am a long-term resident:

Anybody who has a long-term visa and who wish to reclaim their super try to go through this from the website of the government.

The Time Limit to Reclaim My Super

There is no time limit but if you have not filed for a DASP claim during 6 months upon departure from Australia with the cancellation and expiration of your visa, we may have to forward your DASP to the ATO.

For this case, you would have to claim your DASP in a direct manner to the ATO with the use of a paper form or by online means.

We are not going to issue an exit statement because of special relief courtesy of the Australian Securities and Investments Commission however you can get in touch with us regarding the transfer of amount if you see the need.

Departing Australia as a Long Term Resident

Consider the situation where you have been staying in Australia for over five years and it is time to depart or maybe even spend retirement in Bali.

Sadly, then, since you have the privilege to retire in Australia, you cannot therefore get a DASP (departing Australia superannuation payment).

If you are, however, a citizen of New Zealand departing from Australia for a long time, you could be capable of moving your super to New Zealand.

Those Who Could Not Claim DASP

• Visa holders for investor retirement
• Retirement visa holders
• Long term residents of Australia
• Citizens of New Zealand
• Citizens of Australia

Future Return to Australia

You are going to have to get in touch with the Immigration Department for more information, but in a lot of cases, people should be able to come back to Australia with a new visa even if they have left after and reclaimed their super.

You can find a complete guide on how to find your lost super as a backpacker leaving Australia in this section – Back Backer’s Guide to Claiming Super

Last Word

Make sure your superannuation expenses are low, also ensure that your investments are great and above all ensure that your superannuation is rolled over and not lost among several types of accounts.

Super is going to be your largest asset apart from your home. Just like keeping your house good-looking by painting the back deck and mowing the lawn, you must also have to keep your superannuation fund in shape.

You have discovered your lost superannuation, now have control of your superannuation technique, and have fun with the privileges of a golden egg which is going to serve you far into the future.

Australian Super Finder Can Help

There are billions of dollars of lost super out there and a small fragment of it may be yours. Many people think that finding lost super is a difficult and complicated thing to do. And it can be will all the requirements and steps you have to go through.

Fortunately though, you don’t have to do the whole process yourself and it is now easier than ever to find your lost super through our service. Even if you’re not sure whether or not you have lost super, it would be better to check than to assume that you haven’t.

We make that process really simple in Australian Super Finder. All you need to do is complete one of our easy transfer forms, click a single button and our administrators will look if you have any lost super. The process of looking for your lost super is free of charge.

Once we’ve determined that you have lost super, we can then help you transfer that money to your major super account at a fee. Take control of your super money and subscribe to our service now - http://australiansuperfinder.com.au/

For more inquires, you may also call us at – 1300 559 392

Testimonials

“Australian suepr finderI had absolutely no idea where about my superannuation funds. I only remember the first one and I stopped keeping track of each new one that came my way. I had a feeling there might be a good balance in all my super accounts but I never realized the total superannuation would be close to $40,000. Thank you Australian Super Finder for tracking and consolidating my multiple super fund accounts.” - Robert Foster

“Australian suepr finderAustralian Super Finder helped me track my super fund accounts and now I’m in complete control of my superannuation. Altogether I had 6 super fund accounts I couldn’t even remember about.” - Lena Adams

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

FIND YOUR SUPER ACCOUNTS FREE of charge!

Have you changed your name, address or job in recent times?

If so, Now is the time to find those multiple funds & consolidate your super!

Australian Super Finder specialise in searching for lost, inactive and active superannuation accounts.

Complete the form to find your money.

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Date Of Birth
I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track.

- Leonie, Thomastown VIC

© AUSTRALIAN SUPER FINDER 2014-2017. All rights reserved. Authorised Representative Number : 462591 | Under Libertas Financial Planning Pty Ltd | ABN 27 160 419 134 AFSL No. 429718.
All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.