FEDERAL Member for Leichhardt Warren Entsch has encouraged locals to check if they have any lost or unclaimed superannuation after the Australian Taxation Office (ATO) today announced its latest figures.
As at 30 June this year, there were over 6.3 million lost and ATO-held super accounts worth almost $18 billion.
Mr Entsch said there were more than 42,000 unclaimed accounts locally worth more than $150 million, and this was a great reminder for people to check.
“There are many ways people can lose contact with their superannuation, including changing jobs, moving home, or not updating contact details with their superannuation fund,” Mr Entsch said.
“I encourage everyone to log onto the ATO website to check if they have any unclaimed superannuation.”
Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said the Federal Government has introduced strong reforms that will deliver a modern superannuation system that is focused on delivering positive outcomes for Australians who rely on superannuation to secure their retirement.
This includes legislation to extend fund choice to workers under enterprise bargaining agreements or workplace determinations.
“Our changes will ensure more than one million workers have the right to choose their own superannuation fund if they are currently prevented from doing so because of enterprise bargaining agreements or workplace determinations,” Minister O’Dwyer said.
“This will help to reduce the number of multiple accounts which inevitably lead to unclaimed and lost superannuation.”
For more information or to find out how to claim lost superannuation, visit www.ato.gov.au/checkyoursuper