We all know how awesome it is when you pull on your jeans and find $20 in the pocket so imagine finding that you have thousands in lost super…..
There is almost $18 billion in lost and unclaimed superannuation accounts either held by super funds or the Australian Taxation Office. Could some of that be yours?
Assistant tax commissioner Debbie Rawlings is encouraging Australians to keep track of their super through the ATO’s online services on myGov, saying it has reunited $8.12 billion worth of accounts in the past four financial years.
“But these figures show there are many people who still may not realise how quickly and easily they can check their super accounts,” Ms Rawlings said in a statement.
HOW DOES IT HAPPEN?
People can lose contact with their super funds when they change jobs, move to a new house, or haven’t updated their details with their super fund.
WHAT CAN YOU DO?
• Stay in touch with your Adviser and your Super Fund to ensure your details are kept up to date.
• Consolidate your funds to avoid paying unnecessary fees (duplicate funds etc.)
• Make sure your TFN is recorded on with your Super Fund