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$16 billion in unclaimed superannuation waiting to be claimed

it contractor saving
There is over $16 billion in unclaimed superannuation being held by the ATO just waiting for the owners to claim

Imagine finding a stash of money that you didn’t even know was yours. And then imagine what that could mean for your future.

There is still a staggering $16 billion in unclaimed Superannuation just waiting to be claimed. It is super easy to check if any of it is yours. No pun intended.   

Follow our simple step by step guide and see if there is a “stash of money” waiting for you. 

Why is there all this unclaimed money just waiting to be claimed?

People that change roles or jobs frequently may find that their accounts become inactive. As an IT contractor you may find that you change employers more frequently than the average permanent employee. If you have used the same payroll company you may find that you have a more stable employment history which can have a number of benefits including not having a new superannuation accounts setup each time you change employer.

 If you’ve switched jobs, forgotten to update your account details, or changed your name or address, you could potentially have unclaimed super waiting to be found. But where? 

Superannuation providers must pay any inactive low-balance accounts to the Australian Taxation Office, who in turn will hold the funds waiting for you to claim them. An account is deemed inactive if:  

    • it has not received any super for 16 months 
    • it has a balance of less than $6,000 
    • it has no insurance attached, and 
    • you have not met a prescribed condition of release. 

    Every bit of super helps you achieve a better lifestyle in retirement. You may have $100 or $10,000 in super sitting with the ATO or another super fund – but it all adds up. Not sure if you do? It never hurts to spend 10 minutes to check.  

    Steps to check if you have any unclaimed super

    1. Go to myGov. Log in or create a myGov account, then link your myGov account to the ATO. 
    2. Find your super. Select ‘super’ from the menu in your ATO account. This will allow you to see all your super accounts, including any that you’ve forgotten about, as well as any 
      ATO-held super. 
    3. Transfer. Consolidate your super into your Hostplus account. Before consolidating your super, you should check with your existing super fund on whether there are any fees or charges that may apply or any loss of benefits, such as insurance cover.  Having more than one account means paying more fees. Combining your super into one account will save you money. You need to know which one of your super funds you will consolidate your super into. See our tips on consolidating your super. 

    Don’t forget to consolidate your super

    Whatever the outcome of your lost super hunt, you should consider consolidating your super accounts. If you have multiple super funds and neither account is ‘inactive’, you could be paying multiple sets of fees and other charges (such as insurance premiums) – which, in turn, may mean less money for your future. By consolidating your super you could save money on fees and give your balance a welcome boost.  

        1. Check how many super accounts you have: Check with the Australian Taxation Office (ATO) or log into your myGov account to see how many super accounts you have. It’s important to note that some of your superannuation accounts may be held by previous employers. 

          1. Compare your super funds: Once you have a list of your super accounts, compare them to see which ones are performing well and charging low fees. You can use the ATO’s Super Fund Comparison Tool or other online resources to help you compare your super funds. 

            1. Choose a fund to consolidate your super: Once you have identified the super fund you want to consolidate your super into, contact the fund and ask for their rollover form. 

              1. Complete the rollover form: Fill out the rollover form and provide the details of the super funds you want to transfer your money from. Make sure you double-check your details before you submit the form. 

                1. Wait for the transfer: After you submit the rollover form, it can take up to 28 days for the transfer to take place. You should receive confirmation from both the old and new super funds when the transfer is complete. 

              Insurances such as Life Insurance and Total and Permanent Disability Insurance and TPD, exit fees and tax implication can be affected by consolidation. If these are of concern, then contact your accountant for more advice.