News & Information
Chances are if you’ve had more than one job in your lifetime it’s quite likely that you may have more than one super fund and the chances of you forgetting about that fund and letting it rollover to the Australian Taxation Office (ATO) is quite high. Statistics show that on average every working Australian has three super accounts.
There is around $18 billion dollars sitting in 6.3 million lost super accounts, including ATO held super accounts, which are all just waiting to be claimed. That’s money that could be sitting in your super fund, adding to your investments and contributing to your balance.
The new legislation surrounding lost super means that any unclaimed monies will now be transferred over to the ATO where it will sit in a holding fund. While you can still claim your money from the ATO, the process does take a bit longer than a regular rollover between super funds. Furthermore your money is not doing anything if it’s sitting with the ATO, it’s stagnant which means you’re missing out on investment returns. Or, if your super is one that hasn’t rolled over to the ATO and is still with the super fund, you could be paying copious amount in fees without even knowing it which will only dwindle away your balance until your left with nothing.
So if you think you’re one of those many Australians who may have more than one super fund follow the steps below to try and reclaim your lost, hard earned super money and consider consolidating your funds to make it easier for yourself to manage your finances.
1. Use MyGov
If you don’t already have a MyGov account you can register for one online.This is a service offered by the ATO that will allow you to search for your lost super in addition to giving you access to other government services such as Medicare or Centrelink. Considering using their online service or getting in contact with AusFund.AusFund is a different type of superannuation fund known as an Eligible Rollover Fund (ERF) that holds onto unclaimed monies.They look after the lost super of million of Australians and if they have your super they will help you find it for free.
2. Speak to your current superannuation provider
Most funds offer what’s called a “super search”.The search itself is usually free of charge and with your permission they will use your Tax File Number to generate a search to look for your lost super.
3. Get in contact with your previous employers
If you believe you have another super fund and are unable to find it with a super search, which happens when individuals don’t provide their Tax File Number, speak to your previous employer.Ask which super fund they paid contributions into and get in contact with that fund to see if they still have your money.
LifeTime Financial Group are specialist (holding appropriate accreditations)advisors who are ideally positioned to assist you in selecting and then managing your retirement funds.
Would you like to discuss your personal position further with one of our highly qualified financial planners? Why not call us today on 03 9596-7733.
There is no cost or obligation for our initial conversation/meeting.
Written by Adam Watts of LifeTime Financial Group. A leading privately owned Melbourne Financial Planning practice.