“In the age of information, ignorance is a choice”
As at 30 June 2016, there were over 5.7 million lost superannuation accounts totalling a combined value of A$14 billion. The good news is this has reduced slightly from $16 billion, however this is still a staggering figure and some of it could be yours.
As an Australian expat, we know that life gets busy and it can be difficult to find time to contact Super Funds and other providers in Australia, particularly when their working hours are typically 9am to 5pm, Monday to Friday. We’re therefore here to point out the easy steps you can take to find your lost super.
Finding your lost super could be one of the most profitable things you do today.
The Australian Government has kindly set up myGov to allow you to access our Australian Government services online. Here’s how it works:
Step 1 – Set Up Your myGov Account
Head on over to my.gov.au and follow the links to ‘Create Your Account’. This couldn’t be much simpler.
Step 2 – Linking Your Account to Tax Services
Once you have set up your account and logged in, you can click on the ‘Services’ tab. You can then scroll down and click on the ‘Link’ icon next to the ‘Australian Tax Office’. You’ll then need to go through the ATO authentication process and you’ll need your Australian Tax File number.
If you don’t have your Australian Tax File number, you can call the ATO on 13 28 61 (don’t forget to add +61 if you’re calling from overseas) and with some simple ID verification, they will be able to provide you with this number.
Step 3 – Access the ATO Online Portal
Once you have successfully linked the tax service to your my.Gov account, you can click on the ‘Australian Tax Office’ button under ‘my linked services’. Following this you will be taken to a screen where you can click on the ‘Super’ tab, which will allow you to view your Super Funds. Here you will be able to see your superannuation fund balances, as well as account details.
Step 4 – Consolidate
Now that you’ve found your superannuation account details, you can look to consolidate your super into one account and even look to rollover to an appropriate platform. Here we would recommend consulting a professional Adviser who is licensed and experienced in Australia to review your options and advise you on the best course of action.
Now that you’ve found your lost superannuation, continue to review and monitor your investment strategies. Even as an Australian expat, if you plan to retire in Australia at some stage, your superannuation may be one of the most important sources of tax-efficient income you’ll have.
To your financial success!
Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Planner with Australian Expatriate Group, division of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to international and local professionals in Singapore. Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd – No: 200305462G | MAS License No: FA100035-3
Australian Expatriate Group is licensed by Global Financial Consultants in Singapore, with a team of Australian-trained, experienced and qualified, allowing us to provide specialist advice to Australians living abroad.
To learn more about how we may be able to help you, please contact us:
✆ +65 8282 5702
To discuss how these changes affect you, click here to book a complimentary consultation: http://bit.ly/Book-Your-Consultation
General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.
*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.