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.”

Call for a FREE strategy session today and also get your FREE Expert Guide – Self-Managed Super and You – top right at “Get your FREE…”.


About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit will SET UP your SMSF and provide investment education for a better result. We take care of all your administration, accounting, ATO lodgement and audit of SMSFs, working with you and your advisors. If you want advice we can arrange one of our recommended advisors and accountants to meet with you, as we do not give advice, but take instruction only. Take control of your super, including property shares and other assets. Learn how to be your own advisor - make better decisions - by being mentored and coached to invest your own super wisely and strategically by qualified partners. Book to come to an event to find out more, or - Call us 0407 361 596, no obligation FREE strategy call.
This entry was posted in Pensions / Income Streams, Retirement Planning, Super Law & Compliance, Superannuation General and tagged , , , , . Bookmark the permalink.

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