ATO urges Aussies to check for lost superannuation, reveals it is holding $17.8 billion in unclaimed funds

Taxpayers have been urged to check for any lost or unclaimed superannuation, as the Australian Taxation Office (ATO) revealed it is holding $17.8 billion worth of unclaimed funds.

The ATO also warned people who have already retired, that they too could be in for a retirement savings boost, with $471 million of that unclaimed super being held on behalf of people aged 65 plus.

“Many Australians have forgotten to update their contact details, so their super fund can’t find them,” ATO Deputy Commissioner Emma Rosenzweig said on Tuesday.

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“If you’ve changed job, moved house or simply forgotten to update your details, you may have lost or unclaimed super … more money in retirement may be on the table.”

Lost superannuation is when the money is being held by a super fund which can no longer find you. When those funds are transferred to the ATO for safe keeping after some time, it becomes known as unclaimed superannuation.

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