POWERED BY MOMENTUM MEDIA
Unclaimed super costing Australians
Australians need to be more proactive about claiming the billions of dollars in unclaimed super currently being held by the Australian Taxation Office, a law firm believes.
With the ATO lifting the unclaimed superannuation threshold from $200 to $2000, Slater & Gordon stressed thousands could be missing out on insurance benefits and may not even know it.
“The ATO has collected more than a billion dollars in lost superannuation in the past year,” Slater & Gordon superannuation lawyer Annemarie Gambera said.
And the ATO account balance could increase further in the next couple of years, with the threshold set to lift to $4000 next year and $6000 in 2016.
Currently, more than $18 billion dollars is held in the ATO’s unclaimed super account.
Gambera said one of the prime worries is the insurance coverage superannuation holders will miss out on.
“Not only are Australians losing money that belongs to them, but also insurance coverage that is there to protect them in the event they can no longer carry out normal work duties,” Slater & Gordon superannuation lawyer Annemarie Gambera said.
“Most people who come to us have no idea they are paying for TPD insurance in their super and may be able to make a claim if circumstances arise that prevent them from continuing to work in their current role.”
Gambera urged Australians to use the SuperSeeker website to track down any superannuation they may be owed.
Recommended for you
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
As institutional investors grapple with shifting sentiment towards US equities and fresh uncertainty surrounding tariffs, Australia’s Aware Super is sticking to a disciplined, diversified playbook.
Market volatility continued to weigh on fund returns last month, with persistent uncertainty making it difficult to pinpoint how returns will fare in April.
The Association of Superannuation Funds of Australia (ASFA) has called for the incoming government to prioritise “certainty and stability” when it comes to super policy.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
