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

Finding and Consolidating Lost Super

What Is Lost Super?

In 2014, there were about six million "lost" super accounts which had more than $16 billion in total? This means there's over $16 billion unclaimed superannuation sitting there, awaiting the right account holder to get it. You might've super unclaimed savings you did not know about.

Numerous Australians hold various active superannuation accounts, and every fund draws its charges and fees. This signifies you perhaps have your superannuation monies distributed through several lost but active super funds, and over your working life's duration, this might cost you thousands of cash. If you locate your lost super and combine it with one account, you could save yourself a lot of money.

How Did My Superannuation Turn Out To Be Lost Super?

You might've not monitored your super. Maybe you've changed jobs? Perhaps your name or your address is changed? If you've held numerous jobs and have had various superannuation funds, they can turn out to be lost funds easier than what you think.

A superannuation fund will notify the ATO (Australian Taxation Office) that you are a lost fund member if:

• The super fund is not able to contact you
• The fund hasn't received contributions or rollover amounts from you in the past years or more, or
• Your super account was moved from another lost on their funds in their account, and then the new super fund is not able to get in touch with you.

What's Unclaimed Super?

In the situations abovementioned, the ATO will hold a record or documents of the lost superannuation fund, but the cash will stay with the super fund. In some case, however, the super fund is obliged to move this money to the ATO. It's called "unclaimed super" then.

A super fund is obliged to contribute lost super accounts to the Australian Taxation Office in numerous circumstances, including:

• When the lost account is less than $2,000; and
• When the fund hasn't received contributions into the account of a member in the previous year, and there are inadequate documents ever to find the account's owner.
• This money remains with the ATO until claimed.

Why Must I Locate Lost Super?

The financial benefits can be substantial if you locate your lost superannuation. It will let you combine your super into one super account, possibly saving you loads of money over your working life's duration. Each superannuation fund carries its charges and fees, so it seems sensible to consolidate. If you want to find and consolidate your super funds, consult our administrators at Australian Super Finder by calling 1300 252 167

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