Misplaced and unclaimed tremendous reaches $16 billion, ATO says

By Marty Silk in Brisbane

AUSTRALIANS are being urged to double-check their tax accounts to make sure their cash isn’t in a rising, $16 billion pot of misplaced or unclaimed superannuation.

The Australian Taxation Workplace says misplaced or unclaimed tremendous funds have risen by $2.1 billion since final monetary 12 months, taking the entire to $16 billion.

Misplaced tremendous is cash held by funds when a member is uncontactable or inactive. Unclaimed tremendous is cash despatched to the ATO from inactive low-balance accounts for individuals 65 years or older, or non permanent residents who’ve left Australia for six months or extra and their visa has expired or been cancelled.

Deputy Commissioner Emma Rosenzweig mentioned individuals can discover misplaced or unclaimed tremendous in a matter of minutes by checking their myGov accounts.

“Tremendous is likely one of the most essential investments many Australians could have throughout their lifetime, which is why we wish to reunite laborious working Australians with what’s rightfully theirs. On the subject of defending your monetary future, each bit counts,” she mentioned in an announcement on Monday.

“Individuals typically lose contact with their tremendous funds after they change jobs, transfer home, or just neglect to replace their particulars.”

Nearly one in 4 Australians maintain two or extra tremendous accounts, she mentioned, which contributes to individuals forgetting about or shedding their tremendous.

Ms Rosenzweig mentioned individuals unknowingly or deliberately holding a number of accounts is also shedding lots of of {dollars} a 12 months in charges and that folks ought to stay engaged with their tremendous funds all through their lives, quite than solely when they’re able to retire.

“Whereas we’re doing all we are able to to get this a reimbursement the place it belongs, we depend on individuals conserving their contact data up-to-date,” the deputy commissioner mentioned.

“The most effective factor you are able to do to make sure you’re getting what you’re entitled to is checking that your present contact data and checking account particulars are right.”

Superannuation funds at the moment maintain $10.4 billion in misplaced tremendous whereas the ATO holds about $5.6 billion, which is a 40 per cent enhance since 2019.

Ms Rosenzweig mentioned all misplaced accounts with balances of $6000 or much less are transferred to the ATO, which has consolidated nearly 4.7 million accounts totalling $7.1 billion.