Currently there is around $17 billion sitting in 3.4 million accounts that are considered ‘lost’ to the Australians that are entitled to this superannuation money- and these are Australians that the super funds were unable to locate.
Previously, super funds were required to pay all unclaimed super money directly to the Australian Taxation Office if:
– The super account held a balance less than $200.00
– The account had not received any contributions in the past 5 years.
From December 31st 2012 onwards, more lost super accounts will be transferred to the A.T.O if:
– The super account held a balance less than $2,000.00
– The account had not received any contributions in the past 12 months and there is no possibility it will be able to ever pay the member.
From July 1st 2013 onwards, ‘interest’ will be paid at a rate equivalent to the inflation rate (CPI) on all lost super money reclaimed from the A.T.O.
At present, no interest is paid on lost accounts which are found.
You can reclaim your lost super at anytime from the A.T.O.
To check for your lost super visit www.ato.gov.au and use their SuperSeeker.