Superannuation is an important part of wealth, and keeping a track of it is important. A recent report by the ATO suggests that people are not tracking all their super funds, with one in every five super accounts having no owner. According to the ATO this is leaving fund members out of pocket by $18.2 billion.
What is interesting is that the number of unclaimed accounts rose by more than 1 million in just 12 months, from 2.74 million unclaimed accounts at December 31, 2012 to 3.88 million at the end of last year.
There are a number of ways to keep track of and manage your super.
1. Use online services for a full view of your super. By registering for our online services you can use SuperSeeker to check all your super accounts, find lost super and transfer yoursuper into the super account you want.
2. Conduct a quick search online. You can find out if you have any lost or ATO-held super by doing a quick search on SuperSeeker. You will need to provide your name, date of birth and your tax file number.
3. Use our self-help phone service. You can find out if you have any lost or ATO-held super by using our self-help phone service, available 24 hours a day on 13 28 65 Fast Key Code 1 then 2. You will need your tax file number and date of birth.
4. Contact a customer service representative. You can phone the ATO on 13 10 20 (overseas 61 2 6216 1111) and ask them to do a search for lost or ATO-held super for you.
We encourage you to spend some time to check your super. Like a number of our clients, you might be surprised at what you may find!
For further information please contact Nick at Solid Financial Advisers on (03) 9500 8000
Nick Stratus, Solid Financial Advisers 20th February 2014