Finding lost super in your name

Three places lost super can be

The sources describe three outcomes for super that has drifted away from its owner.

• In a super fund

  An old account may still sit with the fund that opened it. Once you know where it is, the fund tells you what identification it accepts, and each fund may ask for something different.

• With the ATO

  The ATO describes ATO-held super as super money it holds for you that should be in your retirement savings. It includes unclaimed superannuation money and money in the Superannuation Holding Account.

• Paid to you

  The ATO pays ATO-held super directly to a person aged 65 or over, and unclaimed super money directly where the amount is under $200.

Some ways super ends up with the ATO

An inactive low-balance account

The ATO says inactive low-balance accounts must be transferred to it, to protect them from fees eating away the balance, and that where possible it consolidates them on the owner’s behalf. In the ATO’s words, “Generally, a super account is an inactive low-balance account if all of the following criteria are met”:

• nothing has been credited to the account in the last 16 months
• its balance is under $6,000
• the member has not met a prescribed condition of release
• it is not a defined benefit account
• it has no insurance
• it is not held in an SMSF or a small APRA-regulated fund.

Funds must identify these accounts on 30 June and 31 December each year, then report and pay them to the ATO by the statement date. Depending on how an account is structured, a fund may need to apply the criteria to each product within it, so only part of an account may go to the ATO. The ATO says the account holder is not required to do anything: the fund transfers the balance, and the ATO consolidates it into an active super account where it can.

The ATO adds that an account is not treated as an inactive low-balance account if, in the last 16 months, the member has changed investment options, elected to keep insurance on it, changed their insurance cover, made or amended a binding beneficiary nomination, or given the fund a written notice opting out. That written notice declares you are not a member with an inactive low-balance account, and the ATO says it is valid for 16 months.

Super an employer did not pay

Where an employer has underpaid your super, the employer has to pay the shortfall to the ATO, which holds that money for you when it cannot go into an active account.

Super left behind on leaving Australia

A temporary resident’s super that is not claimed within 6 months of their leaving Australia and their visa expiring is transferred to the ATO as unclaimed super money, and it can still be claimed at any time. Someone who has permanently emigrated to New Zealand, or is a New Zealand citizen, and received super while working in Australia may be eligible to transfer ATO-held unclaimed super money to a KiwiSaver scheme provider.

The search, step by step

1. Search through the ATO or your fund

   The ATO’s online services track your super and find accounts you have forgotten or lost touch with. Through myGov you can also check how many super accounts you have, Moneysmart says. There are also ways to search by phone, set out on Moneysmart’s page on finding lost super.

2. See who is holding it

   The ATO tells you whether you have super and whether it is with the ATO or a super fund; if the ATO holds it, the ATO explains how to claim it. If the ATO holds your super, you can consolidate it or claim it from the ATO once you have met certain conditions.

3. Prove the super is yours

   To reach your super you need to prove who you are, which protects the money from being claimed by someone else. A driver’s licence, Medicare card or proof of age card are examples of identification. Before entering personal information or uploading documents, Moneysmart says to make sure you are on the fund’s real website: check the web address carefully and watch for copycat sites.

4. Decide where it goes

   The ATO’s page explains how ATO-held super can be recovered and transferred into an account of your choice. Moving ATO-held super money into a fund account costs nothing in fees or charges, though the receiving fund may not accept transfers of ATO-held super, so the ATO says to check before starting. Keeping one account sets out what the ATO says to check before any transfer.

If dealing with a super fund is difficult, Moneysmart suggests calling the ATO, visiting Services Australia or contacting a financial counsellor.

Unclaimed super at 65 and over

If you are 65 or over and the ATO receives unclaimed super money for you from your fund, it may pay it to you directly as a lump sum where possible. That money then leaves the superannuation system. To avoid a direct payment of ATO-held unclaimed super, the ATO says you must ask for a super fund nomination, and that request can only be made by phone. The ATO says to make that request before it receives any unclaimed super money for you from your fund.

A direct payment of ATO-held super under $200 is not subject to tax, has no tax withheld, and does not need to be included in your tax return. You may also be able to withdraw ATO-held super if you meet the general conditions of release.