Do you know where your super is?
While some regulators are watching the number of SMSFs investing in property, the Australian Tax Office (ATO) is reuniting people with lost superannuation. The ATO is overhauling Australia’s online superannuation database to help people millions of people find lost super.
According to news.com.au, Australians will be able to use a new database to find lost funds. The database would include all information, including inactive accounts.
The ATO said there were about 32 million super accounts in Australia and, by last year, there was about $18 billion in lost super.
The database would identify cases where funds had recorded unclaimed member mail and accounts that had been dormant for about five years. It would help people caught in the grey area of not having super activity, but not falling into the category of lost super.
Previously most people who tried to consolidate their super gave up because it was too hard, the ATO said.
A downside of the revamp was that the industry would receive less revenue because there would be less account numbers.