Lost super and unclaimed money refer to funds that people own but may not realise they have. Here’s a breakdown:

What is Lost Superannuation (Super)

  • Superannuation, often referred to as “super,” is a retirement savings account managed by various super funds.
  • Lost Super refers to superannuation accounts that have become inactive or “lost.” Accounts can be considered lost for several reasons:
    • The super fund has lost contact with the account holder.
    • No contributions have been made to the account in the last five years.
    • The account has a small or zero balance.
  • If a super account meets these criteria, the funds may be transferred to the Australian Taxation Office (ATO) as “unclaimed super.”
  • People often end up with lost super when they switch jobs, move house, or change their contact details without updating their super fund.

What is Unclaimed Money

  • Unclaimed Money refers to money in accounts or policies that have been inactive for a specific period and transferred to government agencies for safekeeping. Types of unclaimed money include:
    • Bank Accounts: Money in dormant bank accounts that haven’t been accessed for seven years.
    • Shares and Dividends: Dividends or shares that haven’t been claimed.
    • Insurance Policies: Life insurance payouts that remain unclaimed.
    • Other Payments: Trust funds, unclaimed wages, or refunds from utility companies.
  • The Australian Securities and Investments Commission (ASIC) and state or territory revenue offices manage databases of unclaimed money.

There are tools and resources that can help you check if you have lost superannuation (retirement funds) or unclaimed money. Here’s how you can get started:

  1. Check for Lost Superannuation
  • MyGov Account: The most reliable way to find lost super is by logging into your MyGov account and linking it with the Australian Taxation Office (ATO). Once linked, you can check your superannuation accounts, consolidate accounts, and find any lost or unclaimed super.
  • ATO Online Services: The ATO provides an online search feature in MyGov that will list any lost or unclaimed super attached to your Tax File Number (TFN). This includes inactive accounts with low balances that have been transferred to the ATO.
  1. Search for Other Unclaimed Money
  • Australian Securities and Investments Commission (ASIC): ASIC maintains a searchable database for unclaimed money. This includes bank accounts, insurance policies, shares, and other funds that may be sitting in dormant accounts. You can visit ASIC’s MoneySmart website to search for unclaimed money.
  • State Revenue Offices: Some unclaimed money is held by individual states, such as unclaimed wages, rent bonds, and other state-held funds. Check your state or territory’s revenue office or treasury department to see if they offer an unclaimed money search.