The Superannuation (unclaimed money and lost members) Act 1999 was recently amended* so that, from 31 December 2015, the small lost threshold for super accounts is increasing from $2,000 to $4,000.
Inactive and un-contactable superannuation accounts with a balance below this threshold (now $4,000) are required to be transferred by APRA-regulated funds to the ATO.
This law applies to members of a fund that have reached age 65 and are uncontactable by the super fund.
Super funds are expected to start preparing to identify, report, and transfer lost accounts below $4,000 as part of their Unclaimed Super Money (USM) Statement due on or prior to 30 April 2016.
Message – make sure you know who your super $ are with & that the fund has your current address.
Then look into your tax & financial situation to ascertain if you need to withdraw the funds or leave them in a fund.
How do you find your lost super?
If you think you may have lost track of your super then you have access to services to help you find your lost accounts.
• ATO’s SuperSeeker service
This service searches the Lost Members Register and other ATO records, such as ATO-held super accounts and unclaimed super money, for your lost super accounts. You can also use the phone service (13 28 65).
You can use the ATO’s myGov service to see details of all your super accounts, including any you have lost track of or forgotten about. You will need to create a myGov account and then link your account to the ATO service.
• Previous employers
Ask your previous employers for the names of the super funds that received contributions on your behalf.