ATO holding $19.1m in lost super
The ATO has identified over 37,000 SMSF members who have ATO-held super, according to a statement released last week.
ATO-held super includes amounts paid to the ATO by employers, super funds or the government on a member’s behalf. The ATO holds this money if it has been unable to find a super account to transfer the money to.
“We have identified over 37,000 SMSF members who have super amounts totalling over $19.1 million, which we are holding,” the ATO stated.
SMSF members can have ATO-held super amounts transferred to their SMSF, or they can withdraw these amounts if they qualify, the ATO stated.
“We encourage all SMSF members to use our online portal to search for any ATO-held super that we may be holding [on their] behalf,” the ATO said.
“This may save [members] money, avoid unnecessary fees and give [members’] retirement savings a significant boost.”