Finding Lost Super: A Step-by-Step Guide to Combining Your Funds

Why You Should Care About Lost Super

Every time you start a new job, there's a chance a new super account is created for you. Over a career, it's easy to end up with two, three, or even more accounts.

This creates a major problem: you're paying multiple sets of fees.

Each super account charges its own administration fees and insurance premiums. This slowly drains your retirement savings. Imagine having three leaky buckets instead of one solid one—that's what's happening to your super. By combining, or consolidating, your super into a single account, you plug the leaks and ensure more of your money stays invested and growing.

Step 1: Link Your MyGov Account to the ATO 🔗

The easiest and most secure way to find all your super is through the Australian Taxation Office (ATO).

1. Log in to your myGov account. If you don't have one, you'll need to create one and verify your identity.
2. In the "Your services" section, find the Australian Taxation Office and click the link to connect it.
3. You'll be asked a few questions to verify your identity, which may relate to details from your tax return or a notice of assessment.

Step 2: Find Your Super Accounts in the ATO Portal

Once your myGov account is linked to the ATO, you can view your super information.

1. From the ATO section of myGov, navigate to the Super tab.
2. You should see a page that lists all super accounts reported under your Tax File Number (TFN). This includes your active accounts and any that are considered "lost" or held by the ATO.
3. The portal will show you the name of the fund and the latest reported balance for each account.

Step 3: Choose Your Main Fund

Before you combine everything, you need to decide which account you want to keep. This will be your "destination" fund. Use the principles from our "Choosing a Super Fund" guide:

• Which fund has the best long-term performance?
• Which fund has the lowest fees?
• Which fund offers the best insurance cover for your needs?

Important: When you close an old super account, you will lose any insurance cover associated with it. Before you consolidate, make sure the insurance in your chosen fund is adequate, or apply for any cover you need before closing the old accounts.

Step 4: Consolidate Your Funds Through the ATO

The myGov portal makes consolidation easy.

1. In the Super section of the ATO portal, there will be an option to manage or consolidate your super.
2. Select the accounts you want to close (your "source" funds) and the account you want to keep (your "destination" fund).
3. The system will guide you through the process. It's essentially an electronic request that the ATO sends to your old funds, instructing them to transfer the balance to your main fund.
4. The transfer can take a few days to a few weeks to complete. You will receive confirmation from your super funds once the process is done.

That's it! By taking these simple steps, you can take control of your super, save on unnecessary fees, and make sure your retirement savings are working as hard as possible for you.