This is sponsored content from Lost Super Finder.
Superannuation is dominating the minds of almost every Australian. For as long as you are a taxpayer, there is a high probability that you might have lost super waiting to be found.
In Australia, putting funds into one's Superannuation account is highly encouraged and partly compulsory, as it is considered savings for one's retirement.
This fund is usually shared by the employee and the employer as an income stream for every Australian come retirement.
As it is also common to move from one job to another or even to migrate, this increases the chances of an Australian losing a super account.
Currently, there are around 6.3 million super accounts that are identified as lost. Thanks to technology, however, finding lost super isn't as difficult.
Check All Accounts
Losing a super account is easy. Even a small alteration such as a change in one's name and permanent address is enough for a super account to get lost.
For starters, therefore, it is recommended that all account holders check their accounts from the time they have started working and have thus contributed to their super fund.
A good starting point is for one to check if they have a bank account that still has their old name and address, which may help in pinpointing when and where they may have lost their super account.
In addition, one's tax control or identification number and account number should also be noted.
Watch this video to learn more about checking accounts for superannuation:
Register at MyGov
MyGov is an avenue wherein Australians may also be able to find their lost super. MyGov is a program provided by the Australian Taxation Office (ATO) that offers easy steps such as the following:
1. Create an account on the MyGov website, and link the ATO to your account.
2. Click on the "Super" tab so that you can gain access to the following information: (a) details of your super accounts, and (b) details of the totality of your super amount, including those that the ATO held on your behalf.
As a quick note, the ATO holds super on the behalf of account holders for the following reasons: if the lost super account is small, or below 6,000 AUD; and if the account is insoluble, such that it doesn't contain sufficient information about the account holder. It is a must, therefore, to go to MyGov immediately and claim lost super because once it is transferred to the ATO, insurance benefits that are attached to the account will also be lost.
For those who are non-tech-savvy and would prefer to communicate via phone, a hotline is also available wherein one can speak to an authority regarding their lost super. Call 13-10-20.
Check with the AUSFund
Another way one can search for their lost super online is through the AUSFund, wherein one can check if a lost super account that belongs to them has been sent there.
Should one's super account be located, it is recommended that all super accounts be transferred or consolidated into one account.
Having multiple super accounts has also been identified as one of the root causes of the lost superannuation problem in Australia. The more accounts one has, the more difficult it is to manage them all.
There is a significant financial advantage to having only one super account as there will be less to pay for when it comes to taxes and charges.
This way, an account holder can maximise their income growth for the primary purpose of superannuation funds, which is to have a steady income during their retirement age.
Keep in mind that before consolidating accounts, one must check the accompanying fees first.
Visit ASIC's MoneySmart site to check if there is a possibility that the insurance attached to a superannuation fund will be lost once all accounts are consolidated.
Check with all employers
To be extra cautious and sure, one may also opt to check with the respective HR departments of previous employers to ask about the accounts they have held while still employed in a particular company.
Through this list, one can do their own search to check if they still have access and contributions left in that account.
If an employee happens to earn more than 450 AUD before tax deductions, said employer is required to contribute 9.5 per cent of the employee's earnings into their respective super account.
Considering this amount, therefore, every Australian should strive to find their super in order not to risk losing this to the ATO.
Superannuation funds have a high likelihood of getting lost. As a taxpayer, one can only withdraw from a super account upon reaching the age of retirement, which is 65 years.
The inability to find one's super immediately may cause one not to have the much-needed finances during retirement.
However, as evidenced by the points above, there are many means in which Australians can find their lost portion of the 17.5 billion AUD worth of lost super.
This is sponsored content from Lost Super Finder.