As a business owner, investor, or sole trader, it's important you keep track of your super. Whether you've changed jobs, moved house, or simply lost track of multiple super accounts, there's a chance your super could be classified as lost or unclaimed. Understanding how to find your lost super and avoid paying unnecessary fees can have a signficant impact on your retirement savings.

In this article, we’ll explain why your super might be lost, how you can reclaim it, and the steps you should take to consolidate your accounts. By understanding the difference between lost and unclaimed super, you can take action to prevent your super from being transferred to the Australian Taxation Office (ATO), which could mean losing important benefits like insurance cover and higher investment returns.

Why your super might be lost

If you’ve lost track of your super, your super fund may report you as a lost member to the Australian Taxation Office (ATO). This can happen if your account hasn’t received any contributions or rollovers for over 12 months and the fund cannot contact you. It’s common for people to lose touch with their super, especially if they’ve changed jobs, moved house, or simply lost track of multiple accounts.

In some cases, if you joined an employer’s super plan and haven’t had contributions or rollovers for five years, the fund may also report your account as lost. Additionally, if your super fund transfers your account from another super fund and it’s marked as a lost member account, this will trigger a report to the ATO.

3 ways to find your lost super

If you’ve changed your name, job, or address without informing your super fund, you may have lost or unclaimed super. Fortunately, there are several ways to track it down and ensure your funds aren’t sitting idle.

Finding lost super online via MyGov

The easiest way to find your lost super is by using your MyGov account linked to the Australian Taxation Office (ATO). Once your account is linked, you can also use the ATO app to search for lost super and consolidate your super accounts. This helps you avoid paying fees for multiple accounts. If you can’t register for MyGov, your super fund can conduct a search on your behalf.

Using the lost super search line

You can also search for lost super by calling the ATO’s automated super search line at 13 28 65. Be prepared to provide your Tax File Number (TFN), contact details, and any super fund information where contributions may have been made on your behalf. You’ll also need to provide details about previous names, addresses, and employment.

Completing a paper form

Alternatively, you can download and complete the “Searching for lost and unclaimed super” form from the ATO website. After completing the form, send it to the Australian Taxation Office, PO Box 3578, Albury NSW 2640. This option is helpful if you prefer not to use online methods.

Understanding lost vs unclaimed super

When it comes to managing your super, it’s essential to know the difference between lost and unclaimed super. Although both refer to inactive accounts, there are distinct criteria that determine when your super is classified as either lost or unclaimed.

What is Lost Super?

Your super fund may label your account as lost if they haven’t been able to reach you and there has been no activity on your account for a certain period.

This can happen when:

• You cannot be contacted, and your account hasn’t received any contributions or rollovers in the last 12 months.
• You joined a super plan through your employer, but no contributions or rollovers have been made to your account for five years.
• Your account has been transferred to a new super fund and labeled as a lost member account.

In these cases, your super fund reports your account as lost to the Australian Taxation Office (ATO), but it remains with your fund until certain conditions trigger it to become unclaimed.

What is Unclaimed Super?

Super becomes unclaimed when your super fund is required to transfer it to the ATO, which then holds the money on your behalf.

This happens under specific circumstances, such as:

• You're over 65, the fund hasn’t received any contributions for two years, and they haven't been able to contact you for five years.
• You have passed away, and the fund hasn’t received contributions in two years, with no ability to pay the benefits to your rightful beneficiary.
• You're a former temporary resident of Australia, and at least six months have passed since you left the country or your visa expired.
• Your super is owed to you through a family law split, but the fund cannot make sure you or your legal representative receive the payment.
• You're a lost member with a balance of less than $6,000.
• Your account hasn’t received contributions for 16 months, you don’t have insurance within your super, and your balance is under $6,000.

By understanding these distinctions, you can take steps to ensure your super remains active and accessible, preventing it from being categorised as lost or unclaimed.

Why you should consolidate your accounts

If you have multiple super accounts, you may be paying unnecessary fees for each account. Every super account charges fees, and having more than one means those fees can add up over time, reducing your super balance. By consolidating your super into a single account, you can avoid paying duplicate fees and save money in the long run.

Before you combine your super, it's important to decide which super fund you will keep. Once you’ve chosen the fund, you can transfer your balances from the other accounts into this one. This simple step helps you reduce fees and keep track of your super more easily.

Why reclaiming your super matters

A lost or unclaimed super account could hold a significant amount of money, especially if it has accumulated investment earnings while managed by your super fund. If you act quickly to reclaim your super before it’s transferred to the Australian Taxation Office (ATO), you could also unlock additional benefits. We are not financial planners, so the below is only general in nature. To learn more about your specific situation, you should talk to a financial planner.

One of the key advantages of reclaiming your super early is that you might retain any insurance cover included in your super account. If your super is transferred to the ATO, this insurance cover may be lost. By reclaiming your super before this happens, you may be in a position to continue to enjoy the protection that your insurance policy provides. For more information we recommend you speak with a financial planner at your industry super fund or your own financial planner if you have one.

Another important reason to reclaim your super early is the potential to maintain more favorable investment earnings. Super funds typically invest your money to generate returns, which could be higher than the interest calculated by the ATO. Once your super is transferred to the ATO, earnings are calculated using the Consumer Price Index (CPI), which may result in lower returns compared to your fund’s investments. Acting quickly can ensure your super continues to grow under the best conditions.

To learn more about reclaiming your lost or unclaimed super, visit the Australian Taxation Office (ATO) website.

Sydney-Based SMSF Tax Accountants

At Causbrooks, our Sydney-based tax accountants are committed to making the process of lodging your SMSF tax return as smooth as possible. We understand the complexities involved in managing an SMSF and the importance of being compliant. For more detailed information on how we can assist with your SMSF tax returns, visit our SMSF Tax Return page or book a consultation with one of our experts today.

At Causbrooks, our Sydney-based tax accountants are committed to making the process of lodging your SMSF tax return as smooth as possible. We understand the complexities involved in managing an SMSF and the importance of being compliant.

For more detailed information on how we can assist with your SMSF tax returns, visit our SMSF Set Up page or book a consultation with one of our experts today.

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Disclaimer

Any advice contained in this document is general advice only and does not take into consideration the reader’s personal circumstances. Any reference to the reader’s actual circumstances is coincidental. To avoid making a decision not appropriate to you, the content should not be relied upon or act as a substitute for receiving financial advice suitable to your circumstances.