How to find and combine your superannuation

Unclaimed Super is a big deal!

In Australia, there is over $14,000,000 of Superannuation that has been unclaimed or lost!
Some of that could be yours and that means you could be missing out on your retirement savings! This is money you've EARNED, don’t let it go to waste! Putting in a little effort now could save you thousands and will have your future-self thanking you when it’s time to retire!

Step 1: Find Out Where All Your Super Actually is With Just A Few Clicks!

1. Create a MyGov Account: Located on the Australian Government website, this is an account that links your data from various Government organisations including Centrelink, Medicare and the Australian Tax Office (ATO). You can find MyGov on my.gov.au.
2. Link your MyGov Account to your ATO Account: Once you’ve created a MyGov account, you can link it to the ATO. All you need to do input (in a secure format) your Tax File Number and your date of birth and two previous payment Summaries from a previous Tax Return. Once you’ve done this, you can link your ‘MyGov’ account with your ATO account. From there, you can search for any unclaimed Superannuation tracked by your Tax File Number. It’s that simple!

Step 2: Claim Your Super!

There are two ways you can claim your super depending on your circumstances:

1. If you are over 65, permanently disabled or temporarily lived in Australia and no longer reside in Australia, you may be eligible to claim the outstanding superannuation as a cheque or electronic funds transfer.
2. If you don’t qualify to be paid out the balance, you can request for your unclaimed Super to be collated with your elected main Superannuation fund that you already have.

Step 3: Review and Update your Super Fund Details With Your Employer

Now that you have found and combined all your Super into one main Super Fund check with your employer which Fund they are using to pay your Superannuation. If it isn’t the one you’ve chosen, then provide them with your updated account details, including the Super Compliance Statement.

Going forward remember to give any new Employers your elected Super Fund details to ensure that you don’t end up with multiple Super Funds again.

Overall, updating your Super Fund is a very simple procedure that shouldn’t take more than an hour of your time but can save hundreds, if not thousands of dollars of Super Fund management fees. If you do get stuck though, contact us and we will be more than happy to help.

* Remember that the above is general advice and for specific advice relevant to your personal circumstances, we strongly recommend you seek help from a Tax Professional.Find and Combine Your Super!