Superannuation cash surprise for 700,000 Australians as $1billion in unclaimed funds is finally released - so are you in for a windfall?
Thousands of Australians are set to receive a chunk of cash as the ATO works to reunite workers with their missing superannuation.
According to the tax office, there is more than $20.8billion in lost and unclaimed super across Australia.
The money goes missing when workers move jobs and lose track of their super fund, ATO Assistant Commissioner Graham Whyte said.
More than 700,000 Australians will have their money returned to them by Christmas after its rightful owners were tracked down.
The tax office returns funds twice a year, releasing money either after workers have lost contact with their fund, or after the funds went unclaimed and were held by the ATO itself.
Association of Superannuation Funds of Australia deputy chief executive officer Glen McCrea told The Daily Telegraph the amount of money to be transferred back into people's super accounts will vary but theaverage amount will be around $1,600.
For someone who has a super account with less than $6,000 which has been inactive for more than five years, their funds will be transferred into their active super fund.
Anyone aged 65 or over withless than $200 in their fund will have the money moved into their bank account.
Amounts over $6,000 will either be transferred into an active super fund or bank account depending on the circumstances.
Changes are being introduced in June next year to help ensure super funds don't go missing when someone changes jobs.
'The Your Future, Your Super package will address a structural flaw of our superannuation system by having superannuation accounts follow you, preventing the creation of unintended multiple superannuation accounts when employees change jobs,' Senator Jane Hume said.