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.