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

Super Facts and Tips

Lost super is Making Money for Everybody

The ATO enjoyed a grand treat of almost $700 million due to the bad luck of Australians who lost their super accounts due to negligence, ignorance or the changes in the super rules that took place since December 2012.

As stated in the Economic and Fiscal Outlook or MYEFO of the federal government, Australians searching for their lost super can get interest as they claim their missing super savings.

In another measure that took place July 1, 2013, the federal government got rid of the member protection regulations that protected small superannuation from getting bombarded with fees charged for the super funds.

There are no alternative measures to protect against fees for small account balances and this has been a concern for your individuals who are starting small in their super funds. It has also become a troublesome prospect for those who have more than one part-time jobs.

Majority of the lost super accounts have been transferred to the ATO

Three major changes in the rules for lost super was announced by the federal government in the Mid-Year Economic and Fiscal Outlook for 2012/2013 released in October 2012.

Since December of 2012, more and more lost super accounts were transferred to the ATO because their owners did not claim them. They will be held on reserve and storage until the owner finds them.

Lost super accounts that hold an amount below $2000 will be transferred to the ATO and marked as unclaimed super fund. The former rules that were applicable prior to December 2012 only requires lost funds to be transferred to the ATO if they go below $200.

Lost super accounts that have been inactive for a year with no chances of being paid or maintained by the super fund will be submitted to the ATO. According to the old rules before December 2012, an account can only be inactive if they have not been paid for five years.

Since July 1, 2013, interests have been paid at a rate that is equal to the rate of inflation. That is the CPI or Consumer Price Index on lost super accounts as claimed by the ATO.

In the past, before July 2013, there was very little interest on unclaimed super money even though the super account has settled with the super funds. In the old rules, you could expect investment earnings with less fees.

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