Proposed changes in the Superannuation laws regarding lost super mean that any super account that has less than $200 and is unclaimed will be transferred to the Commonwealth. You will then need to lodge an application to the ATO to reclaim your lost super.
This proposed law will also affect accounts with higher values if the members are deemed lost and the accounts have been inactive for more than 5 years. These laws if passed will commence in December 2010, so now is the time to look for any lost super.
Most people don't even know when they have lost super, but you can check by visiting the ATO website and using their online Superseeker program to see if you have any. You need to provide some personal information and your Tax File Number so they can cross reference it with the fund databases.
I found some lost super, what do I do next?
If you have a super account that is currently recieving contributions you can rollover the funds into that account. If you don't have another super account because you don't work you will need to set one up to roll the super into or you can advise the fund that is currently holding your super and advise them of your new contact details. They will explain what your options are in regards to withdrawing the money or rolling it over.
By locating and consolidating any lost super you will reduce your management fees and associated costs, plus you will know where all your super is!
Visit the SuperSeeker or the ATO for more details.
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