Super Wherefore art thou

Posted on 07 May 2012

In 2010, the Australian Government introduced an initiative to reduce the mounting dollar value of “lost” superannuation . Although it is reported the initiative has reduced lost super from $14 billion in 2011 to $5.3 billion in 2012, that still represents a substantial amount of superannuation contributions which remain unclaimed.

On average, Australian employees will change career six times throughout their working lifetime and with these changes of employer often comes the emergence of multiple superannuation accounts resulting from failure to consolidate their super into the one fund . This may also be a result of changing address or name without advising their super fund or having had to join the super fund offered by the employer. As a result of multiple super accounts, multiplication of administration fees can erodes the balance of each account held.

Under the changes, super fund providers are obliged to transfer accounts with less than $200 to the ATO where they have greater resources to locate the owner of the savings. These individuals make up the ATOs Lost Member Register (LMR).

SuperSeeker is a free tool accessible online or by phone which is designed to help individuals on the LMR locate their lost super. It is an amalgamation of your active super accounts - contribution made within the last two years - lost super accounts reported to the ATO and any super savings transferred to the ATO under your name.

To find out if you are one of the many people owed super funds from the $5.3billion held, check the SuperSeeker website here. You will need Tax File Number for identification purposes.

If Dooley & Associates can assist you with a matter, please don't hesitate to contact us.