Unclaimed Superannuation money
Upon closing a superannuation account, dividends and distributions commonly become payable after the account is formally closed. The product provider will direct these payments to the ATO as unclaimed money. While the amounts are often small, it is still worth claiming them back and tidying up old accounts. If you have received a letter from your old superannuation fund stating that you have money to claim with the ATO, here is a basic guide to help you retrieve what is yours:
- Log in to MyGov: https://my.gov.au/
- Select “Australian Tax Office” under Linked Services.
- From the top menu, select “Super,” then “Manage.”
- Select “Withdraw ATO-held Super.”
We generally recommend clients select “Withdraw ATO-held Super.” This can be done if the amount is less than $200 or if you are over 65, which from our experience applies in most cases. If you choose this option, please ensure your bank details are correctly updated.
Alternatively, if you do not have a MyGov account or are having trouble navigating it, you can complete a manual claim form here.
Remember, we are always here to help, and your adviser at Muirfield can guide you through the process at your next meeting.