We offer advice for self managed superannuation funds (SMSFs) to a large number of clients in the Perth area. When gathering information and doing preliminary work with our superannuation clients, one of the first things we recommend is to find out whether or not they have any unclaimed super accounts.
Currently, there are over 6 million unclaimed super accounts in Australia, which are worth more than $18 billion, according to the Australian Taxation Office (ATO). Doing the math, that means the average unclaimed super account is worth around $3,000.
How to Lose a Super
Usually, a super fund or account gets lost because the fund provider can no longer locate or reach the account holder. An account holder can be an inactive member, they may have died or they may have changed addresses without notifying the fund provider. Some accounts are lost when the account holder moves out of country. Often, an account holder changes jobs and forgets about their super.
How to Find Your Unclaimed Super
The easiest way to find lost super is to contact the fund provider. This will require that you have information on file such as a past statement. If you don’t have a statement or aren’t sure, you can use an online service provided by the Australian Taxation Office called “Super Seeker.”
The process is fairly easy: send your personal details such as your name, tax file number and date of birth. You may be required to provide previous addresses, previous employers and even a tax assessment notice. This is the first step in confirming your identity and starting the process.
You may have answers within a few hours. Then, the paperwork process begins and can take as little as a few days or drag into weeks and months depending on your documentation. You will eventually need certified copies of your driver’s licence, medicare card and/or passport.
What’s Next?
Call a professional financial advisor at Approved Financial Planners today for an SMSF assessment: 08 6462 0888.
