Did you know that over $51 million in unclaimed superannuation is waiting to be collected in Australia? If you’ve ever changed jobs, moved houses, or forgotten about an old super account, you might be eligible for an instant $200 cash payout—tax-free!
The Australian Taxation Office (ATO) has simplified the process of tracking and reclaiming lost super. Whether you’re a casual worker, retiree, or someone managing multiple super accounts, checking for lost super takes just a few minutes and could put money back in your pocket.
Key Facts About Unclaimed Super in Australia
| Topic | Details |
|---|---|
| Total Unclaimed Super | Over $51 million available for Australians |
| Eligibility for Quick Cash | Super accounts with less than $200 can be withdrawn tax-free |
| Total Lost Super Nationwide | Around $17.8 billion remains unclaimed in Australia |
| How to Check Your Super | Log in to myGov and check your linked ATO account |
| Official Website | ATO Lost Super Finder |
Taking just five minutes to check for lost super could result in a $200+ payout today!
What Is Unclaimed Super and How Does It Work?
Many Australians accumulate multiple superannuation accounts over the years, especially if they switch jobs frequently. When these accounts become inactive or have low balances, they are transferred to the ATO until the rightful owner claims them.
Common reasons super becomes lost or unclaimed:
- Changing jobs without rolling over super to a new fund.
- Moving houses and losing track of super account details.
- Inactive super accounts (no contributions for years) are transferred to the ATO.
- Account balance below $6,000, causing the fund to be classified as inactive.
The ATO holds billions in unclaimed super, and some of it may belong to you!
Who Can Claim the $200 Tax-Free Super Cash?
If you have a lost super account with less than $200, you can withdraw it at any time—completely tax-free.
This applies to Australians who have:
✔️ Worked casual or part-time jobs where employers paid super.
✔️ Opened multiple super accounts and forgotten about them.
✔️ Left jobs without consolidating super accounts.
Even if your unclaimed super balance is more than $200, it’s still worth consolidating accounts to reduce fees and maximize savings.
How to Check and Claim Your Unclaimed Super
Step 1: Log into MyGov
- Visit my.gov.au.
- Sign in or create a new account.
- Link your Australian Taxation Office (ATO) account.
Step 2: Check for Lost Super
- Go to Super → Manage My Super.
- Look for lost or unclaimed super under your name.
- Check for inactive accounts or balances below $200.
Step 3: Withdraw or Consolidate Your Super
✔️ If your balance is under $200, withdraw it tax-free immediately.
✔️ If you have multiple accounts, consolidate them to avoid unnecessary fees.
✔️ If your super is held by the ATO, follow the online instructions to claim it.
Alternative Ways to Track Lost Super
Aside from myGov, you can also:
✅ Contact previous employers to check which super fund they contributed to.
✅ Call super funds and ask for details about your accounts.
✅ Use Super Fund Trackers provided by industry super funds to locate missing accounts.
Why You Should Claim Your Lost Super Now
1. Avoid Losing More Money
Leaving super in forgotten accounts can result in:
- High fees eating into your balance.
- Missed investment returns that could help grow your retirement savings.
2. Get Immediate Cash (If Eligible)
If you have an inactive super account with less than $200, withdrawing it is:
- Tax-free.
- Instantly available.
- A great way to put extra cash in your pocket.
3. Consolidate Your Super for Future Growth
Rolling over your super into one active account helps you:
- Save on annual fees.
- Increase investment returns.
- Simplify account management.
FAQs
How much unclaimed super is available in Australia?
Currently, over $51 million in super is unclaimed, and an estimated $17.8 billion in lost super remains untracked nationwide.
How do I check if I have lost super?
Log in to my.gov.au and link your ATO account to view lost or unclaimed super.
Can I withdraw my lost super tax-free?
Yes, if your super balance is below $200, you can withdraw it tax-free anytime.
What happens if I don’t claim my lost super?
It remains with the ATO until you claim it. However, leaving it unclaimed means you miss out on potential returns and could continue paying unnecessary fees.
How can I consolidate multiple super accounts?
You can consolidate your super by:
- Logging into myGov and selecting Super Consolidation.
- Choosing a preferred super fund and transferring all accounts into one.
Can I claim lost super from a job I had years ago?
Yes! Even if your super contributions were made years ago, the ATO still holds your unclaimed funds until you claim them.
What if I have more than $200 in lost super?
You won’t be able to withdraw it tax-free, but it’s still important to consolidate your accounts to prevent further losses due to fees and inactive status.
Where can I get help with my lost super?
Visit the ATO Lost Super Finder on ato.gov.au for assistance in tracking and claiming your funds.
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.