Almost $12 billion in lost superannuation

As at 30th June 2007 there is $11.9 billion in lost superannuation, according to the Australian Commissioner of Taxation’s Annual Report for the financial year 2006-07.  This staggeringly large amount of money is spread across 6.1 million accounts. That’s an average of $1,950 of lost superannuation per account.

Could some of this lost superannuation be yours? It may well be, even if you think you have rolled all of your funds together.

The amount in lost superannuation is so large that it is worth taking the few minutes to conduct an online search. (A few months ago I found some lost superannuation for a client who had thought they had identified all of their superannuation.) You can do this now for free using the ATO’s online Super Seeker tool. All you need is your tax file number, date of birth and name.

You wouldn’t just take $1,950 out of your bank account, throw it on the ground and ignore it, would you? So take the few minutes now to find your lost superannuation and get it working hard for you.

Author: Matt Hern

Certified Financial Planner professional, Matt Hern has three times been awarded as one of Australia's Top 50 Financial Planners by The Australian Financial Review Smart Investor. He is passionate about guiding you on the right financial choices to achieve what you really want. Matt Hern is an Authorised Representative of Charter Financial Planning Limited AFSL 234665. All information is general advice only.