The regulator yesterday released data revealing that there is now $18.9 billion in unclaimed super, up $1.1 billion from 2024.
It noted that SMSF trustees who may not have rolled over all their super into their SMSF may have some unclaimed in the growing pool.
Trustees can check for lost and ATO held super online through the Tax Office’s transfer ATO held super to an eligible super account.
If they do find any lost super and want to transfer it to their SMSF account, but it’s not showing as an option, it could be due to the compliance status of their fund.
The ATO said it is important for trustees to ensure their SMSF has a status of complying or registered on Super Fund Lookup.
Ben Kelly, ATO deputy commissioner, said there are a number of reasons why someone may have lost or unclaimed super, but finding and claiming it is quick and easy.
“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,” Kelly said.
He said it is important to keep any fund (or funds) updated with current contact details.
Furthermore, he added if someone has had more than one job, they may have more than one super account.
“In that case, it’s worth considering why you have multiple super accounts and what is best for your situation. If you are thinking of consolidating your super accounts, you need to consider what the impacts may be, including any insurance in your super accounts, and what super account your employer pays your super guarantee into,” he said.
“Around 4 million individuals hold two or more super accounts. It’s important to know how many super accounts you have, and to consider if it is appropriate to consolidate your super to reduce fees and make it easier to manage.”
Since 2022, the ATO has reunited or paid out approximately 3.1 million unclaimed super accounts valued at almost $5.5 billion.
‘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.
