Superannuation is one of the most important long-term investments most Australians will ever have.
Changing jobs, moving house, changing your name, or opening multiple funds can leave small balances behind. Over time, these accounts may become inactive or be transferred to the ATO without you realising.
That’s why the ATO has recently issued a reminder that should make every Australian pause: there is now $18.9 billion in lost and unclaimed superannuation across the country. That’s not a typo – almost $19 billion of Australians’ retirement savings are currently sitting outside their active accounts. And this amount has grown by $1.1 billion since 2024, spread across just under 7.3 million accounts.
It’s a staggering number and chances are you or someone you know could have a share of it. Even small amounts matter. The average amount of lost superannuation is around $2,590 per person – an amount that may not seem significant today, but has the potential to grow into tens of thousands by retirement thanks to compounding investment returns.
The issue doesn’t just affect employees. Even if you manage your retirement through an SMSF, you may still have old super accounts lingering in the background, especially if you kept a previous fund open for insurance or simply assumed all your balances transferred across.
The good news? Finding lost super is incredibly simple – and takes only minutes!
What Counts As “Lost” or “Unclaimed” Super?
Despite the name, your super doesn’t disappear.
Instead, it becomes classified as lost or unclaimed when your fund can no longer reach you or when balances fall inactive.
Common reasons include:
- Changing jobs and unintentionally opening a new super fund;
- Moving house without updating your details;
- Changing your name due to marriage, or other life events;
- Having multiple super funds without releasing it;
- Small inactive balances being transferred to the ATO; and/or
- Old employer contributions going to a fund you forgot about.
In some cases, your super fund must transfer your balance to the ATO – for example, if your account becomes inactive, has a low balance, or your fund has been unable to contact you for a long period.
The key point is this: your money still exists – it’s simply not where you expect it to be.
SMSF Members: Why This Matters For You Too
Many self-managed super fund (SMSF) trustees assume their super balance is consolidated and under control because they actively manage it. But, the ATO’s warning applies to them as well.
When setting up an SMSF, it’s common to transfer most, but not necessarily all, of your existing super into the fund. Reasons for leaving money behind include:
- Keeping a retail or industry fund open for insurance cover;
- Accidentally leaving behind small balances from older jobs; and
- Not completing a consolidation or rollover properly.
This means you could still have superannuation quietly accumulating elsewhere.
Technical Details
If you locate lost super and try to transfer it into your SMSF but your SMSF doesn’t appear as a transfer option in myGov, it may be due to your fund’s compliance status.
Always check that your SMSF is listed as “complying” or “registered” on Super Fund Lookup. If not, the rollover cannot be process until this is resolved.
Why Small Amounts of Superannuation Matter
According to the Australian Tax Office (ATO):
- $2,590 invested for 25 years at 7% = $14,000
- Over 35 years = $27,000
- Over 45 years = $52,000
That’s money you’ve already earned, now sitting idle.
How To Check For Lost Super
The easiest way to find lost or unclaimed superannuation is through myGov – ATO Online Services.
The process is quick and secure, and you can follow these steps:
- Log in to myGov and select ATO Online Services
- Navigate to the Super section
- Review
- Super held by the ATO
- Lost or unclaimed super accounts
- Request a transfer into your active super fund or SMSF (if eligible)
Most people complete this process in under five minutes. Even if you discover nothing, the peace of mind is worth it.
Simple Habits To Prevent Losing Super In The Future
Finding lost super is great – but preventing it from getting lost again is even better.
A few easy habits can help you stay organised:
1 Keep your contact details up to date: always notify your fund and the ATO when you change address, name or phone number.
2 Check how many super accounts you have: multiple accounts can lead to duplicate fees and insurance premiums.
3 Consolidate your accounts (when appropriate): one fund generally means fewer fees and easier management. It’s important to review existing insurance cover before consolidating.
4 Read your annual statement: this simple step helps you confirm: employer contributions, fees, investment returns and beneficiary nominations.
5 Review your super when you change jobs: sometimes new employers automatically create a new account – even if you already have a preferred fund.
Why Acting Now Matters
Since 2022, The ATO has reunited Australians with $5.5 billion, but nearly $19 billion is still waiting to be claimed. A quick check could:
- Boost your retirement savings;
- Reduce fees;
- Improve investment outcomes;
- Eliminate duplicated insurance; and
- Give you greater control over your super.
It’s your money, make sure it’s working for you.
Superannuation may not be something you think about daily, but small amounts left unattended can grow into significant sums over decades.
Whether you’re an employee, a self-employed person, or an SMSF trustee, checking for lost super is one of the simplest ways to improve your long-term financial position.
If you discover additional accounts or want to consolidate your super, specifically if it involves rolling money into an SMSF, having expert guidance can ensure the process is smooth, compliant and tax-effective.
Wilson Pateras Are Your Superannuation Experts
If you’d like help tracking down lost superannuation, consolidating multiple accounts, or transferring funds into your SMSF, our team is here to support you ever step of the way.
We can guide you through each step, help you understand your options, and ensure your superannuation strategy sets you up for a stronger financial future.
Get in touch with our team today to start the conversation and the process.
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