Maria David | blogon

Helpful Advice On Superannuation Funds

Dec 21st 2015 at 2:14 AM

If you’ve ever switched jobs or held an extra job that paid superannuation, then it might be possible that you have some lost or unclaimed superannuation fund. In most cases such unclaimed super fund goes unnoticed because in reality many people are not even aware of their funds. As a matter of fact, billion dollars of the super fund are in unclaimed and lost status which is currently being held by Australian Tax Office (ATO). If the fund account remains idle or inactive for a long time, they become to be known as the lost super fund. That means the Super fund is considered "lost" if the fund can't reach you, but also if the account has been inactive, with no contributions or rollover amounts being deposited for a period of a year.

Under Australia’s superannuation law, from 1 July 2014, many smaller super accounts which have not received a contribution for at least 12 months must be transferred to the ATO, and it is then held there on your behalf. This is now known as unclaimed super.

The good news is that you will still be able to claim and transfer your lost or unclaimed super in your preferred active superannuation fund. A lot of the lost money is in a smaller amount and might not seem urgent enough to work upon. But as the tax rules apply to all your super entitlements, this money is still yours to avail however small.

You can find your unclaimed super; you can go the superannuation search tools called superseeker present in ATO and search for your super by your tax file number. Alternatively, you can make a physical appearance at the Tax Office, which has a list of the names of people who have been reported by their super funds as lost. The office maintains a 'lost members register', which is a list containing names from super funds, approved deposit funds, eligible rollover funds and retirement savings accounts.

If you are able to locate your lost funds, it is advisable to transfer funds into one active account consolidating all your superannuation funds at a single place for better financial planning and investments  and also because you would save on fees for maintaining multiple accounts .

Find out more about you Unclaimed Super to understand about your lost or unclaimed super and get the procedure to rightfully transfer funds to your active account.

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