On average, we all have approximately 7 different jobs over our lifetimes, but for many of us, if you include casual jobs, it can be a lot more! And one of the challenges of this is keeping up with what happens to our superannuation.
If you’ve lost track of your super, you’re not alone! Australians have collectively over $14 billion dollars in lost, inactive or unclaimed super. And if you’re not keeping track of your super, there’s a high chance it isn’t working for you. The more super funds you have, the more fees you will have to pay, decreasing your overall balance. You will also end up with more than one insurance policy, which also eats away at your balance. So it’s better to find your super ASAP!
If you Google ‘how to find lost super,’ you’ll be confronted with thousands of results. Although most of the services you see listed will help, many are connected to paid services that you’ll eventually need to fork out for. But the good news is that the ATO provides you with a totally free service to find your lost super. You can access it by:
Step 1: Head to the ATO’s Lost Super Website ‘Searching for Lost Super.’
Step 2: Download their form ‘Searching for Unclaimed Super.’ You’ll be asked to fill out all of your personal details, including the names of any super funds where you think you might have funds deposited. If you have completely lost track, though, funds may still be able to be located.
Step 3: Send your form to:
Australian Taxation Office
PO Box 3578
Albury NSA 2640
After you’ve sent your form through, the ATO will conduct a search on your behalf and contact you if they find any lost funds.
Note that if you’re registered for myGov account, you can also apply for the same service through your account.
To find out more about Australian Super’s services and superannuation, click here.