ATO urges Australians to reclaim billions in lost super

The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.

The Australian Taxation Office (ATO) has released new data showing almost $19 billion in lost and unclaimed superannuation waiting to be claimed by more than seven million people.

ATO deputy commissioner Ben Kelly has said there are several reasons why someone may have lost or unclaimed super, but finding and claiming it is “quick and easy”.

“Checking for lost or unclaimed super is like reaching into your pocket and finding a $50 note, it’s your money, you just didn’t know it was there,” Kelly said.

“Your super can become lost if your account is inactive and your fund can’t contact you. If you’ve changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super.

“This super is not lost forever. The ATO wants to get this lost and unclaimed money back into your account.”

Kelly said keeping super funds updated with current contact details is key to staying on top of retirement savings.

Around four million people hold two or more super accounts, which can lead to unnecessary fees and difficulty managing their savings.

“It’s important to know how many super accounts you have, and to consider if appropriate to consolidate your super to reduce fees and make it easier to manage,” Kelly said.

The average amount of lost or unclaimed super stands at $2,590 — an amount that could grow to tens of thousands by retirement.

Since 2022, the ATO has reunited or paid out about 3.1 million unclaimed super accounts valued at nearly $5.5 billion. However, close to $19 billion remains unclaimed.

“Superannuation is one of the most important investments you make in your lifetime, and we want to ensure every dollar earned for retirement ends up where it belongs,” Kelly said.

He added that while the ATO continues to work to reunite Australians with their super, individuals need to help by keeping their contact and bank account details current in both ATO Online and myGov.

“While we’re working hard to ensure people get full access to the super they have worked for, it is important for people to keep their information up to date in myGov. Your super follows you through your career, so you should keep a check on your account.

“We’ve introduced alerts and notifications in ATO Online to prompt people to check for lost or unclaimed super, update their details, and take action to consolidate or claim their funds,” Kelly said.