Deadline Approaching – Find your Lost Super in the $887 million of Unclaimed Super Accounts

Deadline Approaching – Find your Lost Super in the $887 million of Unclaimed Super Accounts

Deadline Approaching – Find your Lost Super in the $887 million of Unclaimed Super Accounts

Are you considering superannuation to be tomorrow’s problem, because there are many ways to boost the size of your nest egg today, including super you may have “lost”.  As part of a raft of recent reforms, super funds must transfer “lost” or inactive accounts of up to $2000 to the ATO by May 31 if they have been unable to contact the account holder or the account has been inactive for 12 months. It will not be impossible for account holders to access their funds after the May deadline, it will be harder and the accounts will only earn interest at an uncompetitive rate based on the CPI. The tax office says there are 3.4 million lost super accounts worth $16.8 billion in the system and more than 2.8 million unclaimed accounts valued at $887 million.

Sophie Elsworth, in The Advertiser [also appeared in The Daily Telegraph] writes – 
“Unless you’re heading towards retirement or a decade or two away from it, you’re probably avoiding looking at your super. In fact, you’ll groan at the thought of it. There’s no better time than now to do what many of us will put on the “to-do” list but never quite get there a superannuation check-up.  Your Money has asked the experts how you check on the wellbeing of your retirement nest egg. There are more than 3.4 million “lost” super accounts totalling $16.8 billion and more than 2.8 million “unclaimed” super accounts worth $887 million in Australia.  Untouched super accounts are already being transferred across to the ATO and all will be moved over by May 31, so now is the time to get your money.”
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Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
This entry was posted in Pensions / Income Streams, Retirement Planning, Super Law & Compliance, Superannuation General and tagged , , , , . Bookmark the permalink.

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