The Australian Taxation Office (ATO) advise that there is more than $14 billion in lost super waiting to be claimed.

 

The Australian Commissioner, John Shepherd, advises that the main reason for the lost super was because many of the superannuation accounts have not been kept up to date with personal details and changes to the personal details.

 

The main reason for this is people got married and change their surname. Also, people move house and there is no forwarding address. People change employment and their old contact details are no longer current.

 

It is important that your superannuation fund has your tax file number (TFN) so that the ATO can help connect you to your lost super.

 

In addition to superannuation being lost, according to the ATO statistics show there is an additional $8 billion in super sitting in accounts that have not received a contribution for five years or more. This implies that we should consider consolidating our super to avoid unnecessary fees and charges.

 

To ensure that your super is structured and administered correctly please contact Peter Quinn by submitting an online enquiry or calling us on +61 2 9580 9166 to book an obligation free appointment.

 

The information in this document does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it.  It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.