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

Ways to Locate your Super

The Australian Taxation Office (ATO) released data showing the top ten lost superannuation accounts, with a woman in Victoria first in the list having $2.4 million in a forgotten account.

As the financial year ended, over 14 million Aussies had a superannuation fund account. About 45% of them have over one account.

Individuals between the ages 31 and 45 are expected to have 2 or more super accounts, and individuals residing in the Australian Northern Territory, Capital Territory, Western Australia and Queensland have the highest number of numerous accounts.

The Australian Taxation Office is making it simpler to redeem lost super, and now you can combine your superannuation online with several clicks. However, are traps to be familiar with.

Here are some simple steps in keeping a track of your super and ensure you don't lose it.

"Prevention is better than cure."

Most folks accrued various superannuation funds in their first working life, thus to prevent doing this, select a super fund that fits you and keeps on using the same super fund as you alter jobs and advance during your career's course. ATO's Choice of Super Form is vital to making certain that your employer utilizes your nominated superannuation fund, so submit this form once you begin working for an employer.

Keep Up a Correspondence

If you've moved, make sure you notify your superannuation fund regarding your fresh contact details. Superannuation accounts become lost or unclaimed once you do not contact your super fund, or when your account has not been utilized for a long time. If you have not received a report at least in the previous year, call your super fund to make sure they have the correct details.

If you have numerous superannuation accounts, this possibly costs you cash. The median fees demanded by even a low-cost superannuation fund are approximate $532 annually, so multiplying this across your super funds and you could discover that your cash is being eaten away quicker than you think.

Currently, there are new methods to monitor your super, and the ATO myGov account is now able to show you info of all of the super accounts you have, including any account you have not been able to monitor or forgotten about. It's not merely keeping you more informed regarding your superannuation accounts. However, you can presently combine various super funds in just a few clicks for free.

Consolidating your superannuation will take you not more than 5 minutes, but make sure before closing your superannuation accounts, check first with your super fund about covers, charges and fees.

If you happen to have lost super, seek out the assistance of our administrators at www.australiansuperfinder.com.au, who can help find your lost super for you. Call us at 1300 252 167

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