May 02

Why Give Away Your Money?

"Why give away your hard-earned money to the Government when you don't have to?" asks superannuation specialist Andrew Frith of The Self-Managed Super Specialists

Andrew was commenting on the SuperRatings study that unclaimed superannuation has reached a staggering $5.4 billion held in more than 6.1 million accounts in Eligible Retirement Funds at 30 June 2010.

Unfortunately, due to new regulations which came into effect in October 2010, if the money is not claimed it will eventually find its way into consolidated revenue, including windfalls for the ATO, which is reported as receiving more than $100 million in the first tranche of money transferred.

If you think you might be the owner of one or more of the 6.1 million accounts, search the online ATO Superseeker site  Superseeker is quick and easy to use and is free.  It is a tool to assist you to look for your lost and unclaimed superannuation and it will also assist you to lodge a request to transfer the monies to the super fund of your choice.

To complete a search you must provide your

• Tax File Number (TFN)
• Family and Given Names
• Date of Birth

Andrew is imploring everyone to not be apathetic, to search now before it is lost to you forever, commenting "You have nothing to lose and a possibility to gain".

Visit our other websites for:

Self Managed Super Funds

Newcastle Accountant

Newcastle Financial Advisors

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