Superannuation

Find Your Lost Super with myGov

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Here are my step by step instructions on how to use myGov to find and consolidate your lost super.

It could be the easiest and most profitable thing you do today.

What is Lost Super?

Lost super falls into two categories:

  1. Unofficial: A super fund which still holds money for you but you have lost contact with (so you don’t know you have it);
  2. Official: The ATO (Australian Tax Office) is holding some of your super because it has been left unclaimed by you.

Your superannuation fund is your retirement nest egg. It will probably grow to become your largest asset after your house, so it is worth keeping track of it.

It is estimated that around $16 billion is sitting in lost super funds with the ATO, not to mention the amount of money in super funds that people have lost track of.

The Key: Every super fund that belongs to you is registered with your tax file number (TFN).

If you have your TFN, you will find your lost super.

Do You Have Lost Super?

You could have lost super if:

  1. You have changed jobs at anytime in your working career
  2. You have moved house and lost track of your mail
  3. You lived overseas and totally forgot about your Australian super fund.

Don’t panic – the money is still yours.

But if you want to get the most out of it and maximise your funds in retirement, you need to find it, then claim it, and the sooner the better.

What is myGov?

myGov is a fast and simple way to access government services online (and the easiest way to find your lost super).

The two services that will be of interest to everyone are:

  • Medicare
  • Australian Tax Office

So it is certainly worth registering for an account HERE

Lost Super - mygov

Using myGov to Find Your Lost Super

Here are my step by step instructions on how to use myGov to find and claim your lost super funds.

Step 1: Login – Go to Services

Login then click on services:

Lost Super - mygov 1

Step 2: Click on Link Australian Tax Office

If you have already authenticated with the ATO and can see this as a linked option – got to Step 7.

Lost Super - mygov 2

Step 3: Authenticate with ATO Online

I didn’t have an ATO online account so I had to go through the authentication process.

Lost Super - mygov 3

Step 4: Enter Your Details

You will need your tax file number (TFN) here:

Lost Super - mygov 4

 

Step 5: Authenticate with Current Super Fund Details

You will need your current super statement here:

Lost Super - mygov 5

You can find the super information from a recent statement as follows:

Lost Super - mygov 6

Step 6: Authenticate with Current Bank Account Details

Use the account that is most likely registered with the ATO (if you have ever received a tax refund to your account, this will be the bank account to use):

Lost Super - mygov 7

Lost Super - mygov 8

Step 7: Success

Lost Super - mygov 9

Step 8: Enter the ATO Online Portal

Lost Super - mygov 6a

Step 9: Click on the Super Tab (in the ATO portal)

Lost Super - mygov 10

Step 10: View you Super Funds – Click Transfer

Lost Super - mygov 11

Step 12: Choose Which Account You Want to Consolidate To

Before you make the decision to move your lost super, I recommend seeking the advice of a qualified financial planner who can help you determine:

  • If any termination or exit fees apply on the account you’re transferring from.
  • Whether you have any existing insurance included on the account you’re closing.
  • That your current employer is able to pay/contribute to your preferred fund.

Lost Super - mygov 12

Follow the prompts and initiate the transfer.

Step 13: Check for ATO Held Super Accounts

It is also worth checking if the ATO holds any super on your behalf – you can check this here:

Lost Super - mygov 13

Super: You Found It, Now Watch It

Once you have found your lost super, don’t just forget about it.

Your super is such an important part of your income, it is well worth your while to do a proper review when you receive your super statement.

Here’s a quick super checklist:

  • What are your opening and closing balances for the year? Do they seem right?
  • Have you received all your employer’s payments? Cross-check these with your payslips and the MoneySmart employer contributions calculator if you’re not sure.
  • Have any extra contributions you made throughout the year been credited to your account?
  • What fees are you paying? Could you save money by switching to a different fund?
  • Do you receive life insurance, disability insurance or income protection insurance through your super fund? Check that you have the right level of cover for your situation. Could another super fund or insurance company offer a better deal?
  • Are you receiving returns for the investment options you opted into?

If anything seems to be incorrect or missing, or if there are any aspects of the statement you don’t understand, contact your super fund immediately.

Final Word

Keep your super costs low, make sure your investments are performing and most of all make sure your super is consolidated and not lost among many different accounts.

Superannuation will be your biggest asset outside of your home. Just as you maintain your house by mowing the lawn and painting the back deck, you also need to maintain your super fund.

You have found your lost super, now take control of your super strategy, and enjoy the benefits of a nest egg that will serve you long into the future.

The Wealth Guy Signature

 

The Wealth Guy

Joshua Stega is an expert financial adviser and founder of JAS Wealth in Sydney. He specialises in the habits and behaviours of wealth. Joshua has a Masters in Taxation and Financial Planning and is regularly featured in the media

M.TaxFP, LLB(Hons), B.Bus(Acc), FTI, Adv.DipFP, Dip.FP, SMSF Specialist
The information on this blog and website is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision. We recommend you consult a licensed financial adviser in order to assist you.
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