Between 1 July 2017 and 31 January 2018, almost 190,000 people found, transferred and consolidated more than $1.8 billion in super – but there’s so much more that hasn’t been accounted for.
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There are clear advantages in finding all your super accounts and consolidating them. According to the ATO, the average amount consolidated per person this financial year was almost $10,000. And there are still almost 2.3 million Australians with three or more super accounts.
And there’s more! If you have multiple super accounts with small amounts, there could be significant savings in fees and charges if you consolidate them – saving you hundreds or even thousands of dollars in the long run.
How do you lose super?
It’s actually much easier than you think! Think back to your very first job (even your part time one) and how many jobs you have had since then, then factor in how many times you have moved and changed your address and contact details. And if you’ve ever changed your name, address or lived overseas… you may have some hidden treasures!
If you’re not prompted to roll over your super every time you start a new job, it’s something that easily becomes forgotten and before you know it you have multiple super accounts just sitting there incurring fees and charges.
Now it’s easier than ever to find lost or unclaimed super by using the ATO’s online services through myGov.
How to find your super?
You can check your super by registering for the ATO’s online services through myGov.
This will allow you to:
- view the details of all your super accounts including the lost ones
- find ATO-held super which has been held on your behalf eg if your super fund couldn’t find an account to deposit your super to
- consolidate your super into a single fund.
In some circumstances, it’s best to check with your financial advisor before consolidating your accounts as they can advise you on issues, such as insurance, that may be attached to your accounts.