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New online form to find lost super

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Media Release Minister for Superannuation - Hon. Bill Shorten, MP 23 September 2011 No.134


A new electronic form will make it easier to connect account holders with 5.8 million lost super accounts worth more than $18.8 billion.

Bill Shorten, Minister for Superannuation, today announced the Australian Taxation Office (ATO) will develop an electronic form for lost superannuation accounts to make finding lost super even easier.

"$18.8 billion in lost, unclaimed super is a waste of money that people could be investing for a better future," Mr Shorten said.

"This initiative is part of the $2.4 billion Stronger Super investment we are making over the next four years to transform our superannuation system and help Australians save for a comfortable retirement."

"We expect 8.4 million Australians to receive an increase in their retirement incomes as a result of the superannuation reforms, including 3.5 million Australians on lower incomes and older workers."

Currently, people can check whether they have lost super by visiting the ATO website then filling out a form or contacting their super fund to consolidate their accounts.

The new electronic form will allow members with lost super to request their benefits be transferred through a portal on the ATO website, making it simpler and easier for people to claim their lost super.

The Government has released draft legislation allowing the ATO to administer the electronic portability form for public consultation.

The draft legislation is available on the Treasury website. Consultations will close on 14 October 2011.

23 September 2011