With yet another interest rate rise just announced by the Reserve Bank, many will be starting to feel increasing strain on their finances. Now could therefore be a good time to check whether you have any missing funds in lost superannuation!
Did you know the Australian Tax Office (ATO) has around $13 billion in lost superannuation – some of which could be yours?
Have you changed your job, address or name? If you answer yes to one or more of these questions, chances are you could have ‘lost’ or ‘unclaimed’ super. With over six million lost super accounts, it’s estimated this represents one in two working Australians – so it definitely pays to check. It’s quick, easy and free!
Start by visiting the ATO website and use SuperSeeker to help you locate any lost funds. To do this, you will need your date of birth and have your tax file number handy, or you can call the ATO on 132865 for assistance.
You can also search via Australia’s Unclaimed Super Fund – AUSfund. Just perform a free search online or call them on 1300 361 798.
Another alternative is to contact your previous employers and ask them which funds your contributions were paid into; you can then contact the fund directly and confirm your account details.
We live in a world that increasingly focuses on the ‘here and now’. While not true for everyone, many Australians don’t always give superannuation and retirement the priority and attention it has enjoyed with previous generations.
Taking the time to review your super will pay-off, especially now! As you may have heard the Government has given super a greater priority and will seek to introduce an increase of employer super contributions from nine to 12 percent over the coming years as recommended in The Henry Tax Review.
Start your super search now – happy hunting!
Ann Patrick is Finance Manager at Cube and a Certified Practising Accountant.