More than $17.8 billion of superannuation is sitting unclaimed because funds are unable to find the owners.
The Australian Tax Office said the amount included $471 million owned by people over 65 who could be using the money to support their retirement.
Deputy Commissioner Emma Rosenzweig said the ATO wanted to reunite people with their lost and unclaimed super.
“Since 2021, the ATO has reunited almost $6.4 billion of unclaimed super with its owners. But there is still more than $17.8 billion waiting to be found,” she said.
“If you’ve changed job, moved house or simply forgotten to update your details, you may have lost or unclaimed super.
“We’re urging Australians to check if some of the $17.8 billion in lost and unclaimed super belongs to them.”
Ms Rosenzweig said the first step in the process was to check super account details, either online or by contacting a fund.
The ATO’s 5 step Super Health Check has been established to help recover super within minutes.
The checklist requires you to:
- Confirm your contact details.
- Check super balances and employer contributions.
- Look for lost and unclaimed super.
- Find multiple accounts and consider consolidating.
- Confirm nominated beneficiaries.
For more information visit Super Health Check on the ATO website.
