The Australian Taxation Office (ATO) has revealed that over $51 million in unclaimed superannuation is waiting to be collected. Many Australians have lost track of their super accounts, and some may be eligible to withdraw up to $200 tax-free today.
If you have ever changed jobs, moved house, or forgotten about an old super fund, you might have money sitting unclaimed. This guide explains how to check if you have lost super and the fastest way to claim your funds.
Unclaimed Super in Australia – Key Details
| Factor | Details |
|---|---|
| Total Unclaimed Super | Over $51 million |
| Eligibility for Cash Withdrawal | Super accounts with less than $200 |
| Total Lost Super Nationwide | Estimated at $17.8 billion |
| How to Check for Lost Super | Log in to myGov and access ATO Super |
| Official Website | ato.gov.au |
What is Unclaimed Super and Why Does It Happen?
Unclaimed super occurs when superannuation accounts become inactive or owners lose track of their funds. This typically happens when:
✔️ A person changes jobs and does not transfer their super.
✔️ A super fund account remains inactive for an extended period.
✔️ A person moves house and does not update their super details.
✔️ The account balance is too small to cover ongoing fees, and the fund transfers it to the ATO.
The ATO currently holds billions in lost super, waiting to be claimed.
Who Can Claim the $200 Cash Benefit?
Australians with a super balance below $200 in an inactive account can withdraw their funds tax-free. This is ideal for those who:
✔️ Worked casual or part-time jobs with small super contributions.
✔️ Switched jobs frequently and have multiple forgotten accounts.
✔️ Lost access to an old super account due to changing addresses.
Even if your super balance is over $200, it is still important to consolidate multiple accounts to avoid paying unnecessary fees.
How to Find and Claim Your Unclaimed Super
Step 1: Log in to MyGov
- Go to my.gov.au
- Sign in or create an account
- Link your Australian Taxation Office (ATO) account
Step 2: Check Your Super Details
- Navigate to Super → Manage My Super
- Look for lost or unclaimed super
- Identify inactive accounts or balances under $200
Step 3: Withdraw or Consolidate Your Super
- If your balance is under $200, you can withdraw it tax-free.
- If you have multiple super accounts, consider rolling them into one to avoid fees.
- If the ATO holds your super, follow the instructions to claim your funds.
Other Ways to Track Lost Super
If you cannot find your lost super through myGov, try these alternatives:
✔️ Contact past employers to check which super fund they contributed to.
✔️ Call your previous super funds and request account details.
✔️ Use super fund tracking tools offered by industry super funds.
Why You Should Claim Your Lost Super Now
1. Avoid Losing More Money
Lost super accounts are subject to ongoing fees, which can reduce your balance over time.
2. Get Immediate Cash (If Eligible)
If your super balance is below $200, you can withdraw it tax-free and use the money immediately.
3. Simplify Your Super for the Future
By consolidating multiple accounts, you can:
✔️ Reduce administrative fees.
✔️ Maximize your super returns.
✔️ Make it easier to manage your retirement savings.
What Happens If You Do Not Claim Your Lost Super?
If you leave your super unclaimed for too long, it may be transferred to the ATO. While you can still claim it later, it will not earn investment returns, meaning you could miss out on potential growth.
Final Steps – Claim Your Super Today
To check if you have unclaimed super:
- Log into myGov and check your ATO-linked accounts.
- Withdraw eligible funds or consolidate multiple accounts.
- Keep your super details updated to avoid future losses.
FAQs
How do I know if I have unclaimed super?
Log in to myGov and check your linked ATO account under the Super section.
Can I withdraw my unclaimed super?
Yes, if your super balance is under $200, you can withdraw it tax-free.
What happens if I do not claim my lost super?
Unclaimed super is transferred to the ATO, where it remains inactive. It will not gain investment returns.
How do I consolidate my super accounts?
You can consolidate accounts through myGov or contact your super fund for assistance.
Can I claim lost super from an employer?
If an employer failed to pay your super, you can lodge a complaint with the ATO to recover unpaid contributions.
Click here to know more.
Aanchal is a passionate writer with a keen interest in storytelling, content creation, and creative expression. She enjoys exploring diverse topics and crafting engaging narratives that captivate readers.
