Millions of Aussies Can Unlock a $2,590 Super Boost – Here’s How to Check

ByEditorial Team

More than seven million Australians could have unclaimed superannuation worth nearly $19 billion, according to new data from the Australian Taxation Office (ATO).

On average, that’s about $2,590 per person, money that could grow significantly over time if recovered and reinvested.

ATO deputy commissioner Ben Kelly said unclaimed super often comes down to simple oversights.

“Your super can go missing when an account becomes inactive and your fund can’t reach you,” Kelly said. “If you’ve changed jobs, moved house or just forgotten to update your details, your money could be sitting in a lost account.”

Kelly said the ATO’s goal is to reconnect people with their money. “It’s not gone, we want to get those funds back into your active super accounts,” he said.

A Few Minutes Could Put Money Back in Your Pocket

Assistant Treasurer Daniel Mulino urged Australians to check their super through myGov, saying it’s one of the quickest ways to find forgotten money.

“It takes only a few minutes,” he said. “Don’t leave your money behind, make sure every dollar is helping build your retirement.”

Since 2022, the ATO has reunited or paid out about 3.1 million super accounts, returning almost $5.5 billion to their owners.

How to Find Lost or Unclaimed Super

You can check for lost or unclaimed super by logging in to ATO online services via myGov.

  1. Go to ‘Super’ → ‘Fund details’
  2. You’ll see all your super accounts, including those marked as lost or ATO-held.
  3. ‘Contact fund’ means your super fund has lost touch with you.
  4. ‘ATO-held super’ means your fund has transferred your money to the ATO.

You can also phone the ATO, contact your super fund, or use the ATO’s lost super search line for help.

Full details are available on the ATO website.

Why You Should Check for Multiple Accounts

If you’ve worked several jobs, there’s a good chance you’ve got more than one super account. That means more fees and insurance premiums, and less money earning returns.

The ATO says around four million Australians have multiple accounts.

“It’s important to know exactly how many you have,” Kelly said. “Consolidating super can reduce fees and make your retirement savings easier to manage.”

Before you merge funds, check whether you’ll lose any insurance cover, and confirm which account your employer is currently paying into.

Kelly also advises checking that your contact details, super balance, employer contributions, and beneficiary nominations are up to date.

More Ways to Track Down Money Owed to You

While you’re searching for unclaimed super, it’s worth checking for other forgotten funds. The Australian Securities and Investments Commission (ASIC) runs a free search tool on its Moneysmart website to help locate money from old bank accounts, shares, and insurance policies.

You can also search state and territory registers for unclaimed money:

A Simple Check Could Pay Off Later

The ATO estimates billions of dollars remain unclaimed across millions of inactive accounts. While the average balance is $2,590, some Australians are owed much more.

A quick check through myGov could ensure your money is back where it belongs in your super, earning compound returns for your future.

Note: This article references publicly available data from the Australian Taxation Office (ATO) as reported by Yahoo Finance Australia. The information provided is for general purposes only and should not be taken as financial advice.