Prime Minister Malcolm Turnbull, Federal Member for Wentworth, is encouraging locals to check if they have any lost or unclaimed superannuation, with the Australian Taxation Office (ATO) last week announcing 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.
“There are many ways people can lose contact with their superannuation, including changing jobs, which may force them into a new superannuation fund, moving homes, or not updating their details with their superannuation fund,” Mr Turnbull said.
“With 29,199 unclaimed accounts worth over $156 million in Wentworth, it is a great reminder for people to log on to the ATO website and check.”
The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said the Turnbull Government has introduced a package of reforms that will deliver a strong and modern superannuation system that is solely focused on delivering outcomes for all Australian super fund members who rely on these funds to secure their retirement.
This includes legislation to extend choice for fund 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