Unclaimed Super Funds
Many Australian residents and citizens change employers from time to time. Each employer has a preferred super fund where they send Superfund contributions for their employees. When employers change, usually the super fund provider will also change. This will leave an employee with plenty of funds lying around with various different Superfund providers.
When varying amounts of monies are lying around in such accounts and the account holder is unaware of these funds, the funds are then declared unclaimed. Unclaimed super funds are basically funds that are held in super fund accounts and there are no known contacts of the account holder and no recent contributions have been received.
Many Superfund organizations in Australia send unclaimed super funds to organizations that specialize in holding unclaimed super funds. A good example of the is AUSFund – this is Australia’s Unclaimed Super Funds. People are advised to conduct a simple and free check to see if they have unclaimed funds lying around. Sometimes these funds are sent to the ATO, the Australian Tax Office.
When unclaimed superfunds are located and the identity of the owner is established, then the account holder can have these funds transferred to their regular Superfund account. it is important that applicants realize that should they locate unclaimed superfunds, they can not apply to receive these funds. Superfunds can only be claimed after an individual attains the age of 55. In other circumstances individuals may be entitled to claim their super funds. this is possible for non-Australian residents who worked legally in Australia but have departed the country and no longer hold valid visas.
We’d like to thank Miss Sue Lang on this amazing article.
