Young women leading way in finding lost super
WOMEN between 25 and 35 have been the most active so far this financial year in finding their lost and unclaimed super, accounting for more than one in five of all Australians who took action to manage their super, according to the Australian Taxation Office.
Overall, almost 190,000 people have found, transferred and consolidated more than $1.8 billion between July1, 2017 and January 31, 2018.
Assistant Commissioner Debbie Rawlings said that while many people are now taking advantage of how easy it is to find and consolidate multiple super accounts through their myGov account, there are still billions in super waiting to be claimed.
“It’s great to see young women leading the way in gaining control of their super, and it’s great that almost $2 billion has been consolidated so far this financial year, but that still only accounts for around 10% of all lost and unclaimed super,” Ms Rawlings said.
“The easiest way to find lost or unclaimed super, or combine your accounts, is by using ATO online services through myGov. About five minutes and a couple of clicks is all it takes, and it could save you hundreds or even thousands of dollars.”
Ms Rawlings said the average amount consolidated per per- son this financial year is almost $10,000.
For those new to myGov, once you have linked your myGov account to ATO online services, you will be able to view all your super accounts, including any that have been lost or forgotten.
You can also choose to transfer or claim your super online if you are eligible.
Ms Rawlings said while the number of people with multiple accounts has been falling, there are still almost 2.3 million Australians with three or more super accounts.
“Some people might choose to have more than one super account, but many Australians are still not aware that they have multiple accounts and may have lost track of accounts from previous jobs or previous addresses,” Ms Rawlings said.
“If you have multiple super accounts with small amounts, there could be significant savings in fees and charges if you consolidate them. More information: To find out how to manage your super and view all your super accounts, including lost and unclaimed super accounts, visit ato.gov.au/checkyoursuper or moneysmart. gov. au/ superannuation- and- retirement/ keepingtrack-and-lost-super.