A quick check could uncover lost or unclaimed superannuation sitting in your name
It's more common than you'd think: the ATO is currently holding superannuation money on behalf of thousands of taxpayers who have no idea it's there.
This can happen in a few different ways:
- Unclaimed super from your fund – for example, money transferred to the ATO from an inactive low-balance account.
- Employer contributions that couldn't be paid – super guarantee amounts your employer set aside, but which couldn't be forwarded to your fund.
- Certain government super contributions – payments made on your behalf that haven't yet made it into an active account.
The good news is that checking whether any of this applies to you takes just a few minutes. You can look it up through myGov, the ATO online services portal, or the ATO app.
If you do find super sitting with the ATO, it's worth having it transferred into your active fund so it can start earning returns for you again, rather than sitting idle.
If you'd like a hand checking this, or want to talk through what it might mean for your broader super and retirement planning, get in touch with the team at RGA — we're happy to help.
Need Help with your Business, Bookkeeping, Tax or SMSF requirements?
If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements. To book an appointment, use our online booking system, give us a call on 07 3289 1700, or email us at reception@rgaaccounting.com.au.We look forward to assisting you this tax season!
Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.
