Could You Be At Risk Of Losing Your Super?
You could be at risk of losing your hard-earned super due to recent changes in superannuation law. Here are the facts:
- On May 31st 2013, any superannuation accounts that you have that are deemed "unclaimed" or "lost" with between $200 $2000 in them will automatically be transferred to the Australian Tax Office.
- A "lost" superannuation account is one which has not had any contributions made for a period of 2 years and where the superannuation fund has not been able to make contact with the member for 5 years. Some of these details are changing too, so we'll keep you updated on those.
- This is a very big problem if you are like many and have multiple superannuation accounts and some you may have forgotten about. if you have changed address and not had your mail redirected to you, then your super fund may have lost contact with you.
So what should you do to resolve this problem before the 31st May 2013?
- Get onto Superseeker, which can be found online using this address: http://www.ato.gov.au/individuals/content.aspx?doc=/content/33301.htm&alias=superseeker
- On Superseeker, you search for all of your superannuation accounts by simply entering in your name and tax file number
- Once you have found all of your accounts, it is normally recommended that you consolidate all of your accounts into one fund. The one that your current employer uses to be easier
- Consider setting up a self managed superfund to save on fees, to read more about SMSFs, click here.
Can lost Super be reclaimed?
- Any unclaimed money by May 31st 2013 will be transferred to the Government but members can reclaim their lost super from the Australian Tax Office.
- Moving forward the ATO will also pay interest on the money at the CPI rate each year.