Keeping track of your superannuation can be more difficult than you might realise, which is why so many Australians may have savings they had completely forgotten about.
Changing jobs is a common time to lose your super – if you have had several part-time or casual roles, the chances are you might not know where all your superannuation is being held.
How to look for lost super
The good news is that help is at hand, as the Australian Taxation Office has an online tool designed to help you track down any lost funds.
SuperSeeker requires you to input your tax file number and carry out an initial search – if you want to look more in depth, you will need to create a secure log-in.
Once you have filled in all the necessary forms, you should be able to see all of the super accounts you have made contributions to over the past two years.
There will also be an opportunity to see any lost accounts you have and super that is held by the Australian Tax Office (ATO) – you may also wish to transfer funds between your accounts.
There are various reasons why the ATO might be holding your super – it might be that you have not made any contributions over the past two years and your fund is unable to get in touch.
Check your accounts are in order
Once you have received all the paperwork you requested from your super fund, it is time to make sure it all seems correct.
It should display your balance at both the start and end of the financial year, as well as the payments that had been made by you and your employer.
There should also be some information on the fees that have been deducted, the cost of insurance cover and any tax that has been deducted from your find.
Making sense of the figures
If you are struggling to make sense of your documents, seeking super advice could be a good idea – an expert will also be able to offer guidance on how to maximise your retirement savings.
You also have the right to get in touch with your fund if any aspect of your account does not appear correct – the problem is unlikely to sort itself out, so make sure you are proactive.