Over $860 million in lost and forgotten superannuation was consolidated in the last quarter of 2018, as over 66,000 Australians made claims through myGov and the Australian Taxation Office (ATO).
At the same time as saying he was pleased that so many Australian had actively sought out their lost super, Federal Assistant Treasurer Stuart Robert called on the Labor Party to support the Coalition’s superannuation reforms.
“The Government’s reforms cap low balance fees at three per cent, ban exit fees, provide greater choice of funds as well as closing a loophole allowing employers to reduce their superannuation guarantee payments for people who salary sacrifice,” Robert said.
“Importantly, the reforms will also allow the ATO to proactively reunite people with their lost and unclaimed super where the combined balance exceeds $6,000.”
There was still over $17.5 billion in lost and unclaimed superannuation remaining.