By: MATTHEW ELMAS
The Australian Taxation Office (ATO) has urged taxpayers to check their retirement savings after finding there was $17.5 billion unclaimed superannuation waiting to be found in 2017-18.
New ATO research has found there are 6.2 million “lost” superannuation accounts in Australia which are not active, with some nest eggs holding millions of dollars in unclaimed funds.
The findings have raised concerns super contributions employers are obligated to make are going unused, and instead being eaten up by super fund fees over time.
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