From the end of this month, all 'lost' super accounts will be transferred to the Australian Tax Office.

1. Key facts about Deadline loom for ‘lost super’ accounts
From the end of this month, all 'lost' super accounts will be transferred to the Australian Tax Office.
The move is part of a long term strategy by the Australian Government to consolidate ‘lost super’, worth
over $16 billion.
‘Lost super’ is defined as accounts that have not received a contribution for at least 12 months and have
a value of $2,000 or less. Until now, the ATO has only had the authority to claim super funds of up to
$200.
From 31 May, the ATO will automatically claim all accounts with balances between $200 and $2,000 on
the ‘lost members’ register that are unable to be transferred or reunited with their owner. This could
exceed one million accounts worth several billion dollars.
ATO Deputy Commissioner for Superannuation, Alison Lendon, says lost super makes up around 15 per
cent of all super accounts.
"By having these lost accounts with low balances transferred to the ATO, it will be easier for Australians
to find their savings and roll their money into one fund of their choice."
On average, it is thought most Australians have at least two super accounts.
Key Facts
If you have super accounts holding less than $2,000 that are deemed lost or inactive, they will be
transferred to the ATO by the end of May.
There are currently 3.4 million ‘lost’ super accounts worth $16.8 billion, with more than 2.8 million
unclaimed super accounts valued at $887 million.

2. Super accounts are deemed ‘lost’ for many reasons and usually belong to people who have changed
their name, address or job.
This is not an opt-out scheme. To stop your super accounts being transferred to the ATO, you must
consolidate your accounts or make direct contact with all your super funds.
You can reclaim your money from the ATO, although this will take time and you will lose any insurance
arrangements you have had with your fund. Failure to lodge your annual return by the due date can
result in penalties and the loss of tax concessions.
About Oncore is a global outsourcing company specializing in contractor payroll services and salary
packaging management for corporate, recruiters and professional contractors. Oncore is proud to bring
you the latest news affecting professional contractors, recruiters and corporate in the contractor payroll
industry.
With key markets in Australia, the UK and New Zealand, Oncore is constantly monitoring financial
developments in all regions, in particular legislative changes and the contractor management services
and payroll services industry.