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:
- Unofficial: A super fund which still holds money for you but you have lost contact with (so you don’t know you have it);
- 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.
If you have your TFN, you will find your lost super.
Do You Have Lost Super?
You could have lost super if:
- You have changed jobs at anytime in your working career
- You have moved house and lost track of your mail
- 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:
- Australian Tax Office
So it is certainly worth registering for an account HERE
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:
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.
Step 3: Authenticate with ATO Online
I didn’t have an ATO online account so I had to go through the authentication process.
Step 4: Enter Your Details
You will need your tax file number (TFN) here:
Step 5: Authenticate with Current Super Fund Details
You will need your current super statement here:
You can find the super information from a recent statement as follows:
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):
Step 7: Success
Step 8: Enter the ATO Online Portal
Step 9: Click on the Super Tab (in the ATO portal)
Step 10: View you Super Funds – Click Transfer
Step 12: Choose Which Account You Want to Consolidate To
- 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.
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:
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.
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.