Lost Super: How to Find and Consolidate It

"Lost super" has a specific meaning under super law. A super fund must classify an account as a lost member account when the fund cannot contact the member after two written attempts, or when the account has received no contributions or rollovers for at least 12 months and the member was previously classified as uncontactable. In ATO online services, a lost member account shows the words "Contact fund" next to the fund name. The money is still held by that fund.

"ATO-held super" is different. Certain balances are transferred from super funds to the ATO, including inactive low-balance accounts of $6,000 or less. The ATO holds the money indefinitely and you can claim it at any time. While the ATO holds it, the balance grows at the CPI rate, not at investment returns. That difference in growth rate is a reason some people choose to transfer it back to an active super fund.

The fastest way to see all your super accounts, including lost and ATO-held super, is through myGov linked to the ATO. The search is free.

Step 1: Log in to myGov at my.gov.au and link the ATO service if you have not already done so. The ATO website has a step-by-step guide to linking your account. You can also use the ATO app.

Step 2: Select Super, then Fund details. You will see every super fund the ATO has on record for your tax file number, including lost member accounts and ATO-held super.

Step 3: Note any accounts showing "Contact fund" (a lost member account) or "ATO-held super" (a balance held by the ATO). Both appear in the same Fund details screen.

If you do not have a myGov account, call the ATO on 13 28 65 and use the automated Super Search function. You can also ask your current super fund to search for other accounts linked to your tax file number on your behalf.

Consolidating super can cancel life insurance, total and permanent disability (TPD) insurance, or income protection insurance held inside an old account. Once that cover is cancelled, you may not be able to get it back on the same terms, especially if your health has changed since the original policy was issued. Some people hold insurance in an old super account that they would not qualify for today.

Some super funds also charge an exit fee or rollover fee when you transfer your balance out. Check the product disclosure statement (PDS) or contact the fund directly to confirm what fees apply before starting a transfer.

If you hold insurance inside multiple accounts, or if you are not sure what cover you have, speak to your super fund or a licensed financial adviser before consolidating. This guide explains how consolidation works. It does not recommend that you consolidate.

If you have reviewed your insurance and fees and want to consolidate, you can do so through ATO online services. The ATO contacts your funds on your behalf.

Step 1: In ATO online services, select Super, then Transfer super.

Step 2: Choose the account or accounts you want to transfer from, and your preferred active fund to transfer to.

Step 3: Before you confirm, review the insurance cover attached to any accounts you are closing. ATO online services shows a summary of insurance held in each account.

Step 4: Submit the transfer request. Fund-to-fund rollovers usually complete within a few business days. You will receive confirmation once the transfer is done.

You can also ask your chosen fund to initiate the rollover on your behalf by completing a rollover request form. Some funds have their own online rollover process.

If you worked in Australia on a temporary visa and have permanently left the country, you may be able to claim your super through a Departing Australia Superannuation Payment (DASP). This applies to both fund-held super and ATO-held super from temporary resident accounts.

DASP payments are taxed at special rates that are higher than the rates that apply to rollovers between funds: 65% on the taxable component for most temporary residents who held a Working Holiday visa, and 35% for other temporary residents. The payment goes directly to you rather than to another super fund.

Former temporary residents can apply for DASP online through the ATO. You will need your Australian tax file number (or evidence of identity if you do not have one), evidence of your visa type and departure, and your super fund details. More information is at ato.gov.au/dasp.

Give every super fund your current contact details, including your postal address, email address and phone number. Make sure each fund also holds your tax file number. A fund that has your TFN can accept contributions, communicate with the ATO on your behalf, and apply the correct tax rate to your contributions.

When you start a new job, nominate your existing preferred fund rather than letting your employer open a new default account. From 1 November 2021, employers must pay into your existing "stapled" fund if you do not nominate one, which reduces the risk of new accounts being opened automatically. Confirming this with each new employer avoids any gaps.

Do a super health check once a year, for example when your annual statement arrives. Log in to ATO online services, check that all accounts are showing correctly, and update your contact details if anything has changed. The ATO provides a Super Health Check guide.