Key Points:
- New Australian Tax Office data showed lost and unclaimed super has risen by $2.1 billion in the last financial year.
- Almost one in four Australians hold two or more super accounts, which can lead to forgetting about or losing super.
- Here are other types of unclaimed money and how to check if any belongs to you.
Australians have been urged to check whether their money is part of a $16 billion pool of lost and unclaimed superannuation.
New data from the Australian Taxation Office (ATO) on Monday revealed that lost and unclaimed has risen by $2.1 billion in the last financial year, taking the total to $16 billion.
But super is not the only type of unclaimed money.
According to the financial regulator, the Australian Securities and Investments Commission (ASIC), there's around $1.5 billion of lost money to be claimed from bank accounts, shares, investments, and life insurance policies, while state governments also hold money that's waiting to be claimed.
Lost bank accounts, life insurance, shares, and investments
ASIC administers money in bank accounts and life insurance policies which have not been touched or claimed for a certain period. Bank accounts become unclaimed after seven years if the account is inactive, while life insurance policies are unclaimed seven years after the policy matures and is not claimed.
Any unclaimed money received by ASIC is transferred to the Commonwealth of Australia Consolidated Revenue Fund, and is available to be claimed at any time.
To lodge a claim for money from a bank account, you will need to approach the relevant financial institution. If your claim is successful, the bank will notify ASIC, which will release the funds to the bank.
Claiming lost money from life insurance policies also requires contacting the relevant institution, while steps regarding money from shares and investments held by ASIC
Lost superannuation
Superannuation funds currently hold $10.4 billion in lost super while the ATO holds about $5.6 billion, which is a 40 per cent increase since 2019.
Lost super is money held by funds when a member is uncontactable or inactive. Unclaimed super is money sent to the ATO from inactive low-balance accounts for people 65 years or older, or temporary residents who have left Australia for six months or more and their visa has expired or been cancelled.
“All lost member accounts with balances of $6,000 or less are transferred to the ATO, which means there are large sums of money waiting for people to claim,” ATO Deputy Commissioner Emma Rosenzweig said on Monday.
The new data also showed almost one in four Australians hold two or more super accounts, which can contribute to forgetting about or losing super.
Superannuation funds currently hold $10.4 billion in lost super while the ATO holds about $5.6 billion, which is a 40 per cent increase since 2019. Source: AAP
“This doesn’t mean your super is lost forever – far from it."
She said people can find lost or unclaimed super in a matter of minutes
Ms Rosenzweig said people unknowingly or intentionally holding multiple accounts could also be losing hundreds of dollars a year in fees and that people should remain engaged with their super funds throughout their lives, rather than only when they are ready to retire.
"While we're doing all we can to get this money back where it belongs, we rely on people keeping their contact information up-to-date," the deputy commissioner said.
"The best thing you can do to ensure you're getting what you're entitled to is checking that your current contact information and bank account details are correct."
Deceased estates, dividends, and more
State and territory governments also hold unclaimed money, including from deceased estates, lost share dividends, salaries and wages, cheques, and over-payments, ASIC says.
For example, in NSW, there are around 430,000 unclaimed parcels of money worth around $152 million, according to the Revenue NSW website. These range from $20 in share dividends to a trust fund worth more than $1 million. Revenue NSW holds money indefinitely until it is claimed.
Each state and territory has its own public trustee and/or relevant government agency.
You can search for dividends and other unclaimed money in NSW by visiting . Searching for deceased estates requires contact with the
In general, proof of identity and ownership information is then required to make a claim online, or and emailed with supporting documentation.
A similar process is followed in Victoria via (for dividends and other money) and (for deceased estates). Other state agencies include: , , , , and
ASIC also recommends checking your bank details are up to date with to ensure you're receiving your entitled Medicare benefits.
With additional reporting by AAP.
