Australians have been urged to carry out a quick super check that could score them a neat nest egg boost.
Fresh data from the tax office has revealed more than $21 billion in superannuation is waiting to be claimed.
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The money is super that workers may have lost track of, which happens most often when an account is inactive and contact details are out of date.
If a super fund is unable to reach the account holder, the money is transferred to the ATO to hold and search for the person it belongs to.
“We know life gets busy. If you change jobs, move house or switch phone numbers, this can leave super sitting in old or inactive accounts, or result in your super being transferred to the ATO,” tax office deputy commissioner Ben Kelly said.
“By updating your contact details with your super fund and the ATO, or letting us know your nominated super account, you may be reunited with money you had long forgotten about.”
‘Every dollar counts’
The ATO returned more than $1.1 billion in unclaimed super last year, with a married couple approaching retirement reunited with super accounts valued at more than $1 million.
The average amount in lost super is about $41,000, and Kelly said that depending on your age it could grow to “hundreds of thousands of dollars if you put it to work”.
“For all individuals, but especially [those] at or approaching retirement age, every dollar counts,” Kelly said.
“We are focused on reuniting people with what’s rightfully theirs to help bolster their nest egg and make the most out of retirement.”
The Australian Taxation Office has urged the community to check for any super they may have lost track of, with new data showing over $21 billion is waiting to be claimed. Credit: James Ross/AAP
The ATO said now is the perfect time to check if you have money owing to you.
The callout comes amid a political fight over superannuation, with One Nation demanding that Australians being crushed by cost of living, homelessness or big medical bills be able to withdraw their nest egg early.
“It’s their money and we should give a little bit more respect about what they can do with their own money,” One Nation MP Barnaby Joyce told Sunrise.
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