Keep track of your super. You could be richer than you think

Like many thousands of Australians you may have lost, inactive or even multiple superannuation accounts where you still hold insurance cover and an account balance.

If you have changed your personal details, moved jobs, switched careers or relocated to another state or country it is more than likely you have multiple superannuation accounts.

PK Simpson is a personal injury law firm that charges on a No Win – No Fee basis – but we’re different to many of our competitors – we don’t cherry pick cases we’re likely to win – our lawyers will represent anyone who has a viable TPD claim.

Keeping Track of Your Super – TPD, Account Fees, Consolidation Fees, Benefits, and more

Your Super account is extremely important as it’s a form of savings which you can access when you retire. Super funds can also hold insurance cover such as income protection or TPD which you can claim in circumstances where you cannot work due to an injury or illness.

Multiple accounts can be difficult to keep track of. They can even reduce from your overall balance through the cost of account keeping fees. Locating your accounts and consolidating them into one can save you money and time as well as maximising funds for your future.

However before you consolidate any of your super funds you should enquire into whether you will lose any possible benefits or insurance cover attached to your accounts. You must also decide which super fund is the best fit to merge all your accounts into.

What is ‘lost super’ and ‘unclaimed super’?

You may have lost super as you have been uncontactable (they could not get hold of you for the period of 12 months or more) or Inactive (no contributions have been made for the last 5 years). Your account can also be deemed Insoluble (where they don’t have enough personal information to link you to the account in question).

Unclaimed Super differs from lost super. Unclaimed Super is when you have funds that can be drawn out of the account but your fund has been unable to get in contact with you. Unclaimed super can include; Members over 65, deceased members or former temporary residents.

The ATO website provides much valuable information on how to manage and merge your superannuation accounts as well as having all the latest up to date legislation in regards to your entitlements.

How to find out how much super you have

A new law to protect superannuation saving was passed in Australia in July, 2019 aimed at reuniting people with their lost super. Super funds must now pay all low-balance, or inactive accounts to the ATO.

The taxation office can lodge any unclaimed monies into one fund. To claim lost super from the ATO you can do it via MyGov, or directly with the ATO, You can call the number yourself, or your solicitor or accountant can do it for you by completing an automated super search  on 13 28 65.

At PK Simpson, we can take the stress out of your lost super search. Just call 1300 757 467.

You’re in safe hands with PK Simpson lawyers. We can help you retrieve the lost super and TPD entitlements you deserve.

How to deal with lost super accounts and TPD claims

Super funds can be tricky and difficult to deal with. To ease your burden, PK Simpson can conduct a ‘lost super’ search on your behalf as well as make investigations with each super fund. We’ll find out exact dates of your insurance cover and whether you can make a claim.

You could have multiple TPD claims with super funds you’ve lost track of or income protection which can result in lump sum back payments to cover your loss of wages. PK Simpson will make sure you receive your maximum benefit and insurance entitlements.

We’re big on keeping our clients up to date on lost super and TPD claims.

We’re the only superannuation law firm with a client services department who are solely dedicated to making sure clients are happy

How do I claim TPD on lost superannuation?

Making a TPD claim against your superannuation fund(s) is legally complex. For example, small print in the policy can exclude you from claiming TPD from other funds, therefore requiring careful consideration of how to proceed if you have multiple TPD claims. Policies also have TPD specific definitions which require careful consideration.

Lost Super & Tax Payouts

While we are not offering accounting advice, clients often ask compensation lawyers if they must pay tax on their TPD compensation payout. The answer is No, not on a lump sum payout as a result of a road accident, workers’ compensation or slip, trip, falls. Such payouts are not deemed as income, so they don’t have to be included in your taxation return, nor is there any Capital Gains Tax payable.

However, should you have discovered lost super or unclaimed super and earned interest on it or on a compensation payout, you will have to pay tax on the interest earned.

How PK Simpson Can Help You Claim TPD in Your Lost Super

At PK Simpson, we are the only superannuation law firm with a client services department dedicated to making sure you are 100 per cent happy and informed from the moment you contact us and all the way through your claim.

Our specialist compensation lawyers at PK Simpson can show you how to claim lost super, and how to find out how much super you have in your account or accounts, and how to combine them into one fund. If you have a total and permanent disability, we can help you claim TPD compensation on your lost super.

Other areas we can help you with include:

  • TPD super withdrawal
  • TPD super payment tax
  • super TPD tax calculator