$20 billion in superannuation is waiting to be claimed, says Australian Taxation Office

A goldmine of lost or unclaimed superannuation now exceeds $20.8 billion, according to fresh data released today by the Australian Taxation Office.

Under new legislation, the Tax Office is working to reunite Australians with missing parts of their retirement nest eggs which remain dormant and unclaimed through job changes, working overseas or by simply moving home.

Last year alone, more than 540,000 active, lost and unclaimed super accounts worth $4.4 billion was recovered and consolidated into accounts through data matching and pressure on super funds to declare inactive accounts.

Assistant commissioner Graham Whyte told the ABC that for some Australians, the super windfall has been life-changing especially those with uncertain retirement plans.

Read the story here 

Source: Australian Taxation Office