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How to find your lost super

Imagine finding thousands in super that you’ve lost track of. Here’s how you can check if you have any lost or unclaimed super.

There are over seven million lost and Australian Taxation Office (ATO) super accounts with a total value of $17.8 billion1 – a share of this could be yours. Don’t miss out on super you’ve earned!

It’s easy to lose track of your super when you move or change jobs. However, it’s easy to find it and takes less than 10 minutes.

Check with the ATO within myGov. This will allow you to see details of all your super accounts, including any you’ve lost or forgotten about and find any ATO held super – this is held on your behalf when your super fund, your employer or the government can’t find an account to deposit your super into.

If you’ve recently opened a new super account, it may take up to six months to appear on MyGov. You can also find lost super using a paper form. See searching for lost super on the ATO website.

Combining your lost super accounts

There are many benefits to combining all your lost super and money with other super funds into one account.

Simpler fees: having your super in one account means only one set of fees.

Easier to manage: one place for contributions, paperwork and investing your super.

Avoid extra insurance costs: only one set of premiums if you have insurance with multiple funds.

If you are considering combining your super accounts, weigh up the benefits and features of each of super fund and make sure you understand any benefits that you have which may be lost before you roll over any monies.

Don’t forget your insurance. One or more of your funds may include insurance. Any insurance you have will be lost if you close your account. So, before you roll over any monies, make sure you have the appropriate levels of insurance cover.

How to prevent any lost super in the future

When you start a new job, tell your employer your super details so you know where your super is going. If you don’t let them know, they have to ask the ATO where your stapled super fund is.

Make sure you update your contact details with your super fund whenever you move house or change your phone number/email.

And if you combine all your super into one account, you only have one account to keep track of.

1ATO: Total lost and ATO held super as at 30 June 2024 https://www.ato.gov.au/about-ato/research-and-statistics/in-detail/super-statistics/super-accounts-data/super-data-lost-unclaimed-multiple-accounts-and-consolidations/total-lost-fund-held-and-ato-held-super.

Source: MLC

 

Hardik Gupta

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Education: Master of Business Administration (Finance & marketing) & Bachelor of technology (B.tech)

Hardik is a financial professional with an MBA in Finance and extensive expertise in financial planning. As a Senior Paraplanner, he brings a wealth of knowledge and a deep commitment to helping clients achieve their financial goals.

With significant experience in the financial industry, Hardik excels in creating detailed financial plans, performing comprehensive financial analyses, and supporting financial advisors with client portfolio management. His strong background in finance provides him with a robust understanding of market dynamics, investment strategies, and risk management, enabling him to deliver tailored solutions that align with each client’s unique needs.

In his free time, Hardik enjoys spending quality time with his family, biking, playing snooker, and exploring new culinary delights through cooking.

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Mayank enjoys systems and numbers, ensuring that every step that needs to be followed gets done and every step that is unnecessary be removed from the process. Being an open, honest and naturally empathetic person, Mayank goes out of his way to ensure that clients, family and friends are happy and content. In his free time, Mayank enjoys spending quality time with my family, creating lasting memories with the people who matter most to him.

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Jack Wyer.

Financial Adviser

Bachelor of Business – Major, Financial Planning

Jack Wyer is a Financial Planning Graduate who has recently commenced his Professional Year with Verity Wealth Solutions. With a Bachelor’s Degree in Business, Majoring in Financial Planning, Jack has demonstrated high achievement, receiving merit awards in both 2021 and 2022. Jack’s passion for helping others and his desire to see others succeed financially have been the driving forces behind his chosen career pathway.

Driven by his passion for financial well-being and his innate ability to connect with others, Jack is dedicated on making an impact on the lives of others. Through his expertise, empathy, and commitment, he strives to empower people to achieve their financial goals.

Alongside his financial planning endeavours, Jack finds joy in spending quality time with friends and family and wants to slowly visit new countries along the way. Jack is also an avid Soccer player, actively playing for a local team. When it comes to supporting a team, Jack goes for Tottenham in the English Premier League.

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