Somewhere out there, more than $21 billion in super is sitting unclaimed, spread across millions of accounts, and some of it might have your name on it. The ATO is actively encouraging Australians to check, and unlike a lot of tax admin, this one genuinely only takes a few minutes and could be worth checking today rather than filing away for later.
How super becomes ‘lost’
Super becomes lost when an account goes inactive, and your fund loses contact with you, often after a change of job, address or phone number.
In some cases, the balance is transferred to the ATO, where it is held until it can be reunited with the right person. This can happen to anyone. It is not just old, forgotten accounts from decades ago.
There are two slightly different categories worth understanding. An account is generally considered lost if it has been uncontactable for 12 months, meaning your fund has lost contact with you and the account has not received a contribution or rollover in that time. An account is considered inactive if it has not received a contribution or rollover for 5 years. Either situation can eventually lead to your super being transferred to the ATO, where it is held as unclaimed super until it is reunited with you.
It happens to more people than you might think
Lost super is not just small change forgotten from a first part time job. The ATO’s own case examples show just how significant the amounts involved can be. In one case, a Melbourne man in his seventies discovered more than $100,000 in an account he had lost track of. In regional Queensland, a woman uncovered a forgotten account worth more than $500,000. In another case, the ATO helped reconnect a married couple approaching retirement with combined super accounts worth more than $1 million, a discovery that genuinely changed their retirement planning.
As ATO Deputy Commissioner Ben Kelly put it, checking for lost super could be ‘the most rewarding five minutes of your life’. Given the amounts some Australians have uncovered, that is not much of an exaggeration.
How to check
- Log in to myGov and link it to the ATO if you have not already.
- Go to ATO online services, then select Super, then Fund details.
- Look for any accounts listed as lost, inactive, or held by the ATO.
- If you find an ATO held amount, you can usually transfer it into an active super account in a few clicks.
- If you prefer not to use myGov, you can call the ATO’s lost super search line on 13 28 65.
Why it is worth doing today
Unclaimed super held by the ATO does not sit in the market earning investment returns the way it would in an active super fund. The sooner it is reunited with an active account, the sooner it has the chance to grow again.
The younger you are when you find it, the more time it has to work for your retirement.
What happens to your super once it reaches the ATO
Money transferred to the ATO as unclaimed super does not disappear or become government revenue. It is held on your behalf, and interest is generally applied to keep pace with inflation, although this is usually lower than the investment returns you would expect from an active, invested super account.
Once you are reunited with the money, whether through myGov or another process, it can be paid out to you directly or, more commonly, transferred into an active super fund of your choice.
Worth checking for family members too
Because lost super often results from a change of job, address or phone number, it can be worth helping older family members check as well, particularly parents or grandparents who may have worked for several employers decades ago under different super arrangements.
The ATO’s examples of people in their seventies discovering six figure sums are a reminder that this is not only a young person’s issue.
Quick facts
- Total lost and unclaimed super currently held: more than $21 billion
- Amount returned last year through consolidations and direct payments: more than $1.1 billion
- Average lost super amount: around $41,000
Frequently asked questions
Q. Is checking for lost super free?
Yes. Checking through myGov or the ATO’s phone line is completely free. You should never need to pay a third party ‘super finder’ service to do this for you.
Q. What if I find lost super in an old, high fee fund?
It is worth comparing the old fund against your current active fund before deciding whether to transfer or consolidate, since fees and insurance arrangements can differ. We are happy to help you think this through.
Q. Can lost super affect my insurance inside super?
Possibly. Some funds cancel insurance cover on an account after a period of inactivity, so it is worth checking whether any insurance was lost along with contact, particularly before consolidating accounts.
Sources
ATO, $21 billion in lost super: find yours, fund your future: https://www.ato.gov.au/media-centre/21-billion-dollars-in-lost-super-find-yours
ATO, Searching for lost and unclaimed super: https://www.ato.gov.au/forms-and-instructions/superannuation-searching-for-lost-superannuation