It is necessary to find lost super in situations whereby you may have changed jobs more than once in the past. Keeping track of your lost super is not always an easy task, but there are websites in Australia who can make this process easier for you.
Usually, lost super happens when the super fund from your workplaces is unable to contact you about your specific account. It shows that your account has been idle, but some fees are still getting deducted from your balance.
On the other hand, unclaimed super is whereby the super funds transfer the balance of inactive accounts to ATO for them to hold. An unclaimed super is therefore considered dormant if it has not received any contributions for the last 12 month. From recent data, around 6.3 million lost superannuation, and unclaimed accounts were combined.
You may ask yourself why you should I find my superannuation? How can I find my super? First, you should take note that the money belongs to you and that it is money that you have worked for a long time to accumulate. It can help you plan for your retirement and give you a better future.
It is therefore vital to find lost super online rather than wait for years to pass by for you to start your search. If you wait for too long, you may be subjected to pay some extra fees. This is because holding many super accounts you will be paying taxes on multiple super accounts and usually, the charges can be between 0.5 and 1% of your balance each year.