$17.8 billion in lost super – important info for financial counsellors

The Australian Taxation Office (ATO) is asking financial counsellors to encourage clients to check for lost and unclaimed super, with new data showing almost $17.8 billion is waiting to be claimed.

Since 2021 the ATO has reunited or paid out almost $6.4 billion and has created a short guide to help more people find and claim their super.

If clients have ever changed their name, their job or their super fund, they could have lost super — even if they have already retired. The ATO is holding more than $471 million on behalf of people aged 65 or over.

For more information visit Searching for lost super.

Finding lost super

Below are some instructions you can share with your clients to help them find their lost super.

There are 3 ways clients can find lost super: 

1. Search on ATO online services through myGov – for most people it will only take a few minutes. To access ATO online services, you need a myGov account linked to the ATO. Once you link your myGov account, you can also use the ATO app.

Log on to ATO online services through myGov. From the top menu, select Super. Then select either:

• Fund details to check for lost super – if you want to keep your super with the same fund, contact them directly to update your details.
• Manage and then Transfer super to transfer this lost super to an eligible super account – or ask your fund to complete the transfer for you.
• Manage and then Transfer super to transfer ATO held super to an eligible super account.
• Manage and then Withdraw ATO-held super to have your super paid directly to you if the amount is less than $200 or you are over 65.

2. Complete a paper form.  

3. Phone the ATO lost super search line on 13 28 65. You will need to provide your tax file number and super fund details. 

Trouble finding lost super?

If clients think they have lost super but can’t see it on ATO online, the ATO may not have all their details. They should contact their super fund to check their member number, the amount of lost super and when their fund transferred it, then contact the ATO.

Preventing lost super

To prevent lost super, it’s important clients keep track of their super and keep their contact details and tax file number (TFN) up to date on ATO online and with their super fund. 

Accessing super

Generally, clients can access their super when they reach age 60 and retire, under transition to retirement rules, or when they reach age 65 even if they’re still working.