Gippslanders hard earned wages are waiting to be claimed, in the form of lost and unclaimed superannuation.
Federal Member for Gippsland Darren Chester said there is $40 million of lost and unclaimed superannuation in Gippsland, money that workers may not even know they are missing.
“I encourage Gippslanders to log into their MyGov account and check for lost super with the ATO, just a few clicks could boost your super balance,” Mr Chester said.
“Lost superannuation refers to inactive accounts and ones that have lost contact with their fund member.
“Workers may have a lost or unclaimed super amount if they have changed their name, moved jobs or changed addresses or forgotten to update details with their super fund in the last few years.”
Mr Chester said by law, the fund is required to transfer certain accounts to the ATO, which then becomes ‘unclaimed super money’.
“Unlike superannuation funds, the ATO does not charge fees, and thanks to reforms passed by the Federal Government, proactively consolidates any unclaimed super into an eligible, active super account where possible,” Mr Chester said.
“Thanks to actions taken by the Federal Government, $7 billion has already been reunited with workers, but with $13.8 billion still waiting it is worth taking the time to check.”
Data released by the Australian Taxation Office (ATO) for the financial year ending June 2020 shows that the Federal Government’s reforms have had a big impact, reducing unclaimed super by $7 billion compared to 30 June 2019.
The Government’s Protecting Your Super reforms have resulted in the ATO proactively reuniting more Australians with their lost and unclaimed super.
Further information about lost and unclaimed superannuation is available on the ATO website at https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Lost-and-unclaimed-super-by-postcode/