Millions of Australians are unaware that they may have forgotten superannuation funds waiting to be claimed. The Australian Taxation Office (ATO) has disclosed a little-known rule that allows individuals to access small superannuation accounts worth less than $200 before retirement—without paying any tax. With an estimated $51 million available, this presents a rare opportunity to reclaim your funds effortlessly.
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The $200 Super Hack: What You Need to Know
Ordinarily, Australians cannot access their superannuation until they reach 65 years of age. However, if you have an old super account that holds less than $200 and is separate from your main account, you can withdraw it anytime without penalties or tax obligations.
How to Find Your Lost Super
Many people accumulate multiple super accounts over their working life, often due to employers setting up new accounts instead of using an existing one. This can happen when:
- You change jobs and a new employer automatically opens a new super account.
- You change personal details, such as your name or address, making it difficult for super funds to contact you.
- Your account remains inactive, leading it to be classified as “lost” super.
According to the ATO, around 4 million Australians currently have more than one super account. If these accounts remain unclaimed or inactive, they may eventually be transferred to the ATO.
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Why Most Aussies Don’t Know About This Hack
A recent survey conducted by the ATO found that 83% of Australians were unaware they could withdraw their super if the balance was below $200. With zero tax payable on these withdrawals, reclaiming these funds can provide a helpful financial boost, especially in challenging economic times.
Steps to Access Your Forgotten Super
To claim your small super balance, follow these steps:
- Log into myGov – Navigate to the super section to view all super accounts linked to your Tax File Number (TFN).
- Identify small super balances – Look for accounts with balances below $200 that are eligible for withdrawal.
- Contact the fund – Request the necessary details from your super provider, including:
- Super fund’s name
- Member account number
- Unclaimed superannuation money (USM) amount transferred to the ATO
- Date of transfer to the ATO
- Payment reference numbers
- Submit a claim – Provide this information to the ATO through myGov, over the phone at 13 28 65, or via a paper application.
Billions in Unclaimed Money: Could You Have More to Claim?
The ATO isn’t the only organization holding onto forgotten funds. The Australian Securities and Investments Commission (ASIC) recently revealed that $2.3 billion in unclaimed money is sitting in inactive bank accounts, lost Medicare benefits, and forgotten superannuation funds.
How to Check for Other Unclaimed Money
ASIC Commissioner Alan Kirkland urges Australians to check if they are entitled to unclaimed funds.
“We’d like to encourage more people to check if they have unclaimed money and to get it back into their hands,” Kirkland told 2GB.
To check if you have unclaimed money, visit Moneysmart.gov.au, enter your name, and search for any listed funds.
Take Action Now: Claim Your Super and Other Forgotten Funds
With billions of dollars in unclaimed money across various sectors, now is the perfect time to check if you have money waiting to be claimed. Whether it’s a small super account under $200, lost bank accounts, or unclaimed government funds, taking a few minutes to investigate could result in unexpected financial relief.
By using myGov, contacting the ATO, or searching through Moneysmart, you could uncover lost funds and put them back where they belong—into your pocket.
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