Lost and inactive super¶

Over a working life it is easy to lose track of a super account. You change jobs, move house, or start a new fund and forget an old one. When that happens, some of your super can become lost or inactive — and a portion may be moved to the Australian Taxation Office (ATO) to keep it safe.

The good news is that this super is not gone. The ATO holds a record of it, and you can find it and bring it back into an active fund.

In one line

Super can become lost or inactive, and some low-balance inactive accounts are moved to the ATO for safekeeping — you can find it all through myGov and have it paid into an active fund.

Why this matters¶

Lost and inactive super is money that belongs to you. If you cannot see it, you may be paying fees on an account you have forgotten, or missing money that could be growing towards your retirement. The ATO reports that billions of dollars in lost and unclaimed super is waiting to be claimed. Some of it may be yours.

What you will learn¶

What makes super lost, inactive, or ATO-held
How to find your lost and ATO-held super through myGov
How to have that super moved into an active fund

Understanding the concept¶

There are a few related ideas here. The ATO explains each one.

Lost super is super still held by a fund, but the fund has lost touch with you. This usually happens when the fund cannot contact you — for example, mail is returned — or when no contributions or rollovers have gone into the account for a long time.

Inactive low-balance super is a specific kind of account the ATO watches. In general terms, the ATO describes an account as an inactive low-balance account when no money has been paid into it for a set period, the balance is under a set amount, and it is not a self-managed super fund. When an account meets those rules, the fund is required to transfer the balance to the ATO. The purpose, the ATO explains, is to protect small accounts from having their balance eaten away by fees.

ATO-held super is super the ATO is holding on your behalf. It includes the inactive low-balance amounts sent over by funds, plus other unclaimed super. Where it can, the ATO will automatically move this money into one of your active super accounts for you.

To find and manage all of this, you use ATO online services through myGov. The ATO explains that once you sign in and link the ATO, you can select Super to view your accounts, including any lost or ATO-held super.

For accountants & bookkeepers

The ATO's inactive low-balance rules apply to APRA-regulated funds, not SMSFs or small APRA funds. Funds identify qualifying accounts at set reporting dates and pay them to the ATO as unclaimed superannuation money. Where possible the ATO proactively consolidates ATO-held amounts into an active account. A member who does not want an account transferred can consolidate their accounts or give their fund a written notice; paraphrase this for clients rather than quoting thresholds, which can change.

Example¶

Tom starts a new job and opens a super account. A few years later he changes careers and forgets about the old account. No new contributions go in, mail from the fund is returned, and the balance is small. Over time the account becomes inactive, and because the balance is low, the fund transfers it to the ATO.

Tom signs in to myGov, links the ATO, and selects Super. He can see the money the ATO is holding for him. He chooses to have it paid into his current, active fund. The money joins his main balance, and he stops losing track of it.

Common mistakes¶

Assuming lost or ATO-held super is gone for good — it is being held for you.
Not linking the ATO in myGov, so you never see the accounts the ATO can show you.
Leaving small old accounts open and paying fees you did not need to.
Forgetting to update your contact details, which is a common reason super becomes lost.

How this works in myaccountant¶

In the app — myaccountant is not a super fund and does not hold, find, or consolidate your super accounts. Finding lost and ATO-held super is done through the ATO's own online services in myGov. If you are an employee, myaccountant lets you set your chosen fund so that future super from your employer goes to the right place, but bringing old or ATO-held balances together is handled by the ATO, not by myaccountant.

Key points¶

Lost super is held by a fund that has lost contact with you.
Some inactive low-balance accounts are moved to the ATO to protect them from fees.
ATO-held super is money the ATO holds on your behalf.
You can see lost and ATO-held super through ATO online services in myGov.
From there you can have that super paid into an active fund.
Keeping your contact details up to date helps stop super becoming lost.

Learn next¶

General information only — not tax, super or financial advice.

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