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How can you have lost super?
You've changed jobs
Been married or changed names
If you’ve ever been married or changed your name you may forget to tell your super fund about it.
Changed address
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What Happens with Lost Super?
When contributions stop getting paid to a super fund, the account becomes listed as dormant and will continue to decline in value. Most of the time the investment fees and default insurance policies will chew away at the capital, leaving next to nothing behind.
Now, after 5 years of a dormant Super Fund, the Australian Tax Office (ATO) will take hold of accounts which then becomes classified as “Lost Super”
How Lost Super Happened
In 1992, under the Keating Labor Government, The compulsory employer contribution scheme became a result of Australia’s retirement dilemma. From 1992 it became a mandatory requirement for employers to contribute to your Superannuation, commonly known as Superannuation Guarantee Contributions. However, it was not carefully thought through and Australian’s ended up with multiple Super Funds.
This may seem like an insignificant detail, this has allowed Australians to lose over $20,0000,000,000 worth of Superannuation to lost super funds.
Now, after 5 years of a dormant Super Fund, the Australian Tax Office (ATO) will take hold of accounts which then becomes classified as “Lost Super”
