How to Find My Lost Super With the ATO & MyGov

Superannuation, often called “super,” represents a crucial component of financial planning for retirement. It functions as a savings mechanism designed to grow over a working life, providing funds for individuals in their later years. However, a common challenge arises when these accounts become “lost” or “unclaimed” over time, making it difficult for individuals to keep track of their retirement savings.

Understanding Lost Super

“Lost super” refers to superannuation accounts where the fund has lost contact with the member. Common reasons for an account becoming lost include changing jobs, moving residences without updating contact information, or changing names. Accounts can also become lost if they have a small balance or if no contributions have been made for an extended period, typically five years.

A super account may be transferred to the Australian Taxation Office (ATO) as “unclaimed superannuation money” (USM). This occurs if a super fund cannot contact the member, or if the account is inactive and has a low balance, such as less than $6,000, and has not received a contribution for 16 months. The ATO holds these funds with the aim of reuniting them with their rightful owners, ensuring these retirement savings remain accessible.

Using Government Resources to Search

The most direct way to locate lost super is through the Australian Taxation Office (ATO) via the myGov platform. Individuals need their tax file number (TFN), along with details from a recent notice of assessment, a PAYG payment summary, or super account details. Having these documents prepared streamlines the identity verification process required for linking accounts.

If an individual does not already have a myGov account, the initial step involves creating one on the myGov website. After setting up the myGov account, the next step is to link it to the ATO. This linkage allows secure access to personal tax and superannuation information held by the ATO. Within the myGov dashboard, users select “Services,” then choose “Australian Taxation Office” from the list to initiate the linking process.

To verify identity during the linking process, users answer two questions based on their tax record. Once the ATO account is successfully linked, individuals can navigate to the superannuation section. This section provides a comprehensive overview of all super accounts associated with their TFN, including any identified lost or unclaimed super. From there, users can review the search results and take further action.

Checking Directly with Super Funds

While the ATO’s myGov service provides a broad search for super accounts, directly contacting super funds can be an additional or alternative approach, especially if an individual remembers specific past employers or super funds they contributed to. This method is particularly useful if the myGov search does not yield expected results or if there is a desire to confirm details directly with a fund. Preparing for contact involves gathering any old superannuation statements, details of former employers, and the periods of employment.

To locate a super fund’s contact information, individuals can visit the fund’s official website or search for their member service phone lines. Most super funds provide dedicated contact numbers for member inquiries. When contacting a fund, individuals will need to provide personal identification details, such as their full name, date of birth, and TFN, to verify their identity. They can then inquire about any accounts held under their name, even if they have been inactive. This direct communication complements the government search by allowing for specific inquiries and potential manual tracing of accounts that might not immediately appear through automated searches.

Managing Found Super

Once lost superannuation is located, individuals have options for managing these funds. A common and often advantageous step is to consolidate multiple super accounts into a single one. This can be done through the ATO’s online services within myGov, where users can view all their accounts and initiate transfers. Alternatively, individuals can contact their chosen super fund directly and instruct them to facilitate the consolidation.

Before proceeding with consolidation, individuals should compare the fees charged by different super funds, as consolidating into a fund with lower fees can result in more of their savings being preserved. Another important consideration is any insurance coverage attached to existing super accounts, such as life or disability insurance. Consolidating accounts might lead to the loss of this coverage, so it is advisable to assess whether new insurance needs to be arranged with the chosen fund. Finally, reviewing the investment options offered by the preferred fund is prudent to ensure it aligns with an individual’s financial goals and risk tolerance.