Money Doesn’t Come Without Guidance ...


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Superannuation is paid to superfund and it remains there if superfund is unable to contact the respective person. It is very common to lose track of superannuation whenever someone have switched jobs or address or even name and the superannuation fund that was holding the funds can’t contact them due to lack of recent details. In that case, super fund may provide taxpayer’s details to Australian Taxation Office (ATO) or transfer money either to the ATO or to other eligible rollover funds.
To find out your lost super you can either contact your previous employer to find out which super funds are on their records or you can contact ATO directly. Super funds report the list of people names called “lost members register” to ATO that has been found as lost super. According to the Australia’s superannuation law, from 1 July 2014, many smaller super accounts (balances of less than $2,000) or accounts which have been inactive for at least 12 months and doesn’t have sufficient details to contact the owner, must be transferred to the ATO, and it is then held as unclaimed super. Taxpayers are able to claim super from ATO and transfer it to another superfund. Individuals can also find their super funds through myGov Service or SuperSeeker service provided by ATO. You will have to provide your name, date of birth and Tax File Number (TFN) to help this tool to search the lost members register and other records to provide the match for lost super. If there is a match found, you will get the name and contact details of the fund that may be holding your lost super. You can then arrange to either withdraw the money or roll the amount over into another super fund. Generally, it is better to consolidate super into one fund to cut back multiple fund fees and charges.

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