I was reading an ATO update this week and something caught my eye: there's over $21 billion in lost or unclaimed super waiting to be reunited with its owners. It's a staggering amount, and it got me thinking about how easily this can happen, especially for busy business owners like you.

Super can become lost when an account is inactive and the fund cannot contact the member, often following a change of job, address or phone number. In some cases, the balance may be transferred to the ATO to hold until it can be reunited with the individual.The ATO reports that last year, more than $1.1 billion was returned through consolidations and direct payments to eligible individuals.

This isn't just about finding a few dollars; for some, it could be a significant sum that could be better used in their personal finances or even reinvested into their business.You can easily check for lost super through your ATO online services. Or, if you'd like a hand navigating it, just let us know. We're here to help.

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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.