3 Weeks Left To Claim Your Lost Super
It is estimated over 30 million lost super accounts belonging to an estimated 12 million Australians are about to be shifted over to the ATO if not claimed by December 31st.
Lost super accounts are old super accounts that have out of date contact information or have not received a contribution in 5 or more years. Any accounts with a balance below $4000 will be incorporated into the ATO following new legislative changes.
While these funds can be returned by the ATO if claimed by the owner, during the time these funds are held by the ATO, the super account will not be invested in the market at the current average market return of around 8-10%, but instead will simply be kept in line with inflation at 1.5%.
When every dollar counts, especially with compounding interest over long time frames, check out the MoneySmart website today to see if you have lost super.