In recent changes, thousands of untouched super account balances will be handed over to the Australian Taxation Office.
The ATO is likely to receive a massive windfall if members of these lost and unclaimed accounts don't take action to recover these funds.
Previously the ATO could receive super accounts with balances of less than $200, however this amount has been increased to balances of up to $2,000. Superannuation fund providers have until May 31 to transfer these accounts across to the ATO.
Lost super sits in funds and belongs to people who have usually changed their name, address or job and cannot be found by their fund.
Unclaimed super is when the member meets eligibility requirements to withdraw it but the super fund cannot contact them.
If you think you may have a lost or unclaimed super account you can do free online searches at SuperSeeker, AUSfund or FindMySuper.
SuperSeeker also allows you to check your current super accounts and transfer your super to the super account you want to continue using.
If you need any further information, or would like some help finding or consolidating your super please give us a call.