Millions in Dormant Super Awaiting Aussies

Millions of Australians risk missing out on substantial retirement savings, as an estimated seven million superannuation accounts remain dormant. While many lost accounts contain modest sums, exceptional cases highlight significant forgotten wealth, including one Melbourne man who discovered over $100,000 and a Queensland woman with more than $500,000. The Australian Taxation Office (ATO) has been actively reuniting citizens with their missing funds, having returned $600 million to 360,000 individuals in the last seven months.

This proactive approach is supported by new government legislation aimed at ensuring individuals can access their hard-earned super. As of July 1, a key structural change will require employers to contribute superannuation on a payday basis rather than quarterly, a reform largely unknown to both employees and businesses. This increased frequency is expected to improve visibility and reduce the number of lost accounts.

Further regulatory changes are on the horizon, with strengthened obligations and reporting rules for superannuation trustees being introduced. These measures address concerns about funds not adequately supporting members approaching retirement. Australians can check for lost super accounts via ATO online services through myGov or by using the dedicated lost super search line.