The ATO stores a list of people who have been reported by their funds as lost on the Lost Members Register (LMR).  These include accounts held by: superannuation funds, approved deposit funds, eligible rollover funds and retirement account providers.

You may be listed on the LMR if your fund has: been unable to contact you as you may have changed jobs, addresses or names; your fund has not received contributions or a rollover for you in the past five years or your account was transferred to another fund as a lost member.

SuperSeeker is a free service available online or by phone, 24 hours a day, seven days a week to look for your lost and unclaimed super by searching the LMR, Superannuation Holding Accounts (SHA), Special Account and Unclaimed Superannuation Money Register.

For more information visit here: Lost Super

If you are an Australian or New Zealand citizen or permanent resident you can, only in very specific exceptional circumstance, access your superannuation savings before you reach retirement age. Early access is limited and tightly restricted – with exceptional circumstances related to specific medical conditions or severe financial hardship (financial hardship does not include paying off debts, mortgage(s), buying a car or going on holiday).

There are schemes which promote access to your superannuation savings before you reach retirement age.  However, these schemes are illegal and heavy penalties apply if you decide to participate.

If you have worked and contributed to an Australian superannuation fund as temporary resident, you may be eligible to access your retirement savings (superannuation) upon permanent departure from Australia. The legislation does not apply to Australian or New Zealand citizens or permanent residents who are able to return to Australia upon retirement.

Temporary residents are those who hold or have held a temporary visa.

The Tax Office has processes in place to help you if you suspect that your employer is not paying your super.

Step 1: Firstly, you should check whether you are eligible to receive superannuation.  An employer must make contributions on your behalf if you are over 18 and earn at least $450 gross pay (pay before tax) in a calender month. Your eligibility is not affected by whether you work casual, part-time or full-time hours.

Also, if you are contracted to work primarily for labour purposes (despite quoting an ABN number) your employer may have to make super contributions on your behalf.

Step 2: You should talk to your employer and ask how often and how much they are paying and into which super fund.

Furthermore, confirm your employer’s response by checking your last ‘Member Statement’ from your nominated super fund or for more up to date information contact your super fund directly.

Step 3:  On completing steps 1 and 2 if you still suspect that your employer is not making the minimum or any super and/or not paying into your chosen fund, you can lodge an enquiry about unpaid super.

Your nominated super fund should send you an annual ‘Member Statement’.  This will outline how much superannuation has been contributed by your employer on your behalf. At any point during the year you can contact your super fund for such information.

Even if you quote your ABN (Australian Business Number) an employer may have to make superannuation contributions on your behalf.  This mainly applies to contractors paid under a contract wholly or principally for labour.  Labour is defined as physical, mental and/or artistic effort. Even if the contract is partly for the supply of goods, materials or the hire of plant machinery it is still classified as a contract for labour.  For Superannuation Guarantee purposes such contractors are considered as employees.

The minimum super payment an employer must make is 9% of the contractor’s gross pay.  Contributions should be calculated only on the labour component of the contract.

For more information visit here: Australian Superannuation

Under the Australian Superannuation Guarantee, your employer must pay a minimum of 9% of your earnings for your contracted work hours into your nominated superannuation account every three months.

Example:

Kylie works as a telemarketer. She earns $600 a week before tax.

Kylie’s gross earning (pay before tax) for the quarter (13 weeks) is $600 x 13 = $7800

Kylie’s employer’s quarterly superannuation contribution is 9% x 7800 = $702

In the 2010-2011 Federal Budget the government proposed future changes to the Australian Superannuation Guarantee. If passed by parliament employer contributions will gradually increase from 9% to 12% between 1 July 2013 and 1 July 2019.

For more information visit here: Lost Super