Lost and unclaimed ATO super accounts total $19.7 million

Residents are encouraged to check the ATO website for lost or unclaimed super. Photo John Robenstone.
Residents are encouraged to check the ATO website for lost or unclaimed super. Photo John Robenstone.

Latest figures from the Australian Taxation Office (ATO) have revealed more than $19.7 million worth of unclaimed or lost superannuation accounts were traced to the Goulburn region.

According to data collected by the ATO in June a total of 3425 accounts were identified.

“There are many ways people can lose contact with their superannuation, including changing jobs, which may force them into a new superannuation fund, moving homes, or not updating their details with their superannuation fund,” Hume MP Angus Taylor said.

“I encourage everyone to log onto the ATO website to check if they have any unclaimed superannuation.”

Across Australia millions of lost and unclaimed accounts were recorded totaling $18 billion.

During the 2015-16 federal budget the ATO announced packages to streamline lost and unclaimed superannuation administrative arrangements with the intention for individuals to find their lost or unclaimed super.

Changes also included an update to the lost member register and unclaimed superannuation money.

Mr Taylor said these reforms would deliver a strong and modern superannuation system.

“This will help to reduce the number of multiple accounts which inevitably lead to unclaimed and lost superannuation,” he said. 

“Our changes will ensure more than one million workers have the right to choose their own superannuation fund if they are currently prevented from doing so because of enterprise bargaining agreements or workplace determinations.” 

Head to www.ato.gov.au/checkyoursuper for more information on lost or unclaimed superannuation.