ARE YOU MISSING OUT

Did you know there’s currently $17.8 billion sitting in lost or unclaimed super accounts in Australia? That’s right – billions of dollars that could be working for you are instead gathering dust in forgotten corners of the superannuation system. At Hills Tax Accountant Hobart, we’re here to help you track down what could be rightfully yours.

What is "lost" super?

In a nutshell, superannuation becomes "lost" when your super fund can’t find you. Maybe you changed jobs, moved houses, or simply forgot to update your details. Whatever the reason, if your super fund loses contact with you, your hard-earned retirement savings can be classified as lost.

How does super become "unclaimed"?

Unclaimed super is a little different – it usually refers to inactive accounts where there have been no contributions for a while, or when someone reaches retirement age and hasn’t claimed it. It’s also possible for super to be transferred to the ATO if your balance is small and considered "inactive."

How to find your lost super

The good news? Finding lost super isn’t as hard as it might sound. Thanks to the Australian Tax Office (ATO), there’s an easy way to search for any missing super via the MyGov website. Here’s the simple process to follow:

• Log in to your MyGov account (or create one if you don’t have one already).
• Link your account to the ATO.
• Click on "Super" and search for lost or unclaimed super.

The ATO will show you if there’s any super out there in your name. You can also consolidate your accounts if you have more than one floating around – handy for saving on unnecessary fees!

Why bother finding lost super?

It’s not just about rounding up a bit of extra cash. Over time, those missing super amounts could be worth a lot more than you think, especially with compound interest. Plus, keeping all your super in one place means less paperwork and fewer fees – and who doesn’t want that?

Need help?

If you’re feeling overwhelmed by all things superannuation, or just want to make sure your finances are on track, give Hills Tax Accountant Hobart a call. We can help you get your super sorted, and maybe even find some extra dollars for your retirement.

Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs. For advice tailored to your circumstances, have a chat with us at Hills Accounting Hobart.

For more information, email us today at admin@hillsaccounting.com.au or call us on 03 62737800