The Australian Taxation Office (ATO) is encouraging workers to check if they have missing superannuation savings, as the total amount of lost and unclaimed super has soared to $17.8 billion. According to recent ATO data, the pool of unclaimed funds has grown by $4 billion since 2021, with $2 billion added in the past year alone.
Spread across 7.1 million accounts, the lost superannuation represents a significant amount of money that could benefit millions of Australians. ATO Deputy Commissioner Emma Rosenzweig is urging individuals to check if they might be entitled to a portion of the funds.
“If you’ve changed jobs, moved house, or simply forgot to update your details, you may have lost or unclaimed super,” Rosenzweig said. “We’re urging Australians to check if some of the $17.8 billion in lost and unclaimed super belongs to them.”
Lost super occurs when members lose contact with their super fund, or when their account has been inactive for an extended period. By law, super funds are required to transfer certain inactive accounts to the ATO, which then holds the funds as unclaimed super.
Since 2021, the ATO has reunited nearly $6.4 billion of lost super with its rightful owners. If you suspect you have unclaimed super, now is a good time to check and reclaim what’s yours.
