This is an increase of $2.1 billion since last financial year.
Super becomes ‘lost super’ when it is still held by the fund, but the member is uncontactable or the account is inactive. Super funds currently hold $10.4 billion in lost super.
Super providers are required to report and pay super to the ATO once it reaches certain USM category requirements. The ATO currently holds $5.6 billion in super, an increase of $1.6 billion (40 per cent) since 2019.
Deputy Commissioner Emma Rosenzweig said it is easy for people to find lost or unclaimed super.
“Super is one of the most important investments many Australians will have during their lifetime, which is why we want to reunite hardworking Australians with what is rightfully theirs. When it comes to protecting your financial future, every bit counts,” said Ms Rosenzweig.
“People often lose contact with their super funds when they change jobs, move house, or simply forget to update their details.
“This doesn’t mean your super is lost forever — far from it. By accessing ATO online services through myGov, you can easily find your lost or unclaimed super.”
She said all lost member accounts with balances of $6,000 or less are transferred to the ATO, which means there are large sums of money waiting for people to claim.
Since November 2019, ATO has proactively consolidated almost 4.7 million accounts with a value of $7.1 billion.
The new data also showed almost one in four (23 per cent) Australians hold two or more super accounts that can contribute to forgetting about or losing super.
