Frequently Asked Questions
What is AUSfund?
AUSfund is Australia’s Unclaimed Super Fund. We are an Eligible Rollover Fund (ERF) and a complying, regulated Superannuation Fund. We are owned by a number of major Industry Super Funds and our main activities are as follows:
- Return small and inactive superannuation accounts to members’ active superannuation accounts; In 2007-08, we reunited more than 203,000 members with their active superannuation accounts, transferring over $92 million back to these accounts.
- Locate missing superannuation contributions paid to the Australian Taxation Office and transfer them to our member’s AUSfund accounts;
- Provide efficient administration and investment of members’ superannuation benefits; we have low ongoing fees, no entry or exit fees and strong historical returns.
How does super become lost?
Our participating funds regularly transfer lost, small or inactive accounts to AUSfund. If you’ve changed your address, your job or your name and forgotten to tell your super fund, they may lose contact with you, and your super account may end up at AUSfund. We then actively try to reunite you with your lost super.
What happens to lost members?
AUSfund will try to contact you to reunite you with your lost super. All super funds are required to report lost members twice a year to the Australian Taxation Office (ATO). The ATO records the details of all members that have been reported as lost on the Lost Members Register. You can conduct a search of this register and AUSfund’s database here.
Where can I search for lost super?
You can search our database or use the ATO’s online search tool. Both searches are provided at no charge. Contact AUSfund or you can also call the ATO on 13 10 20 for the cost of a local call.
I’m not on the Lost Members Register or AUSfund’s database but I think I have lost super - what should I do?
If you believe you have lost super but cannot find it on the AUSfund or ATO searches, you should first ensure you are using the details that were current at the time you lost your super. For example, if your name has changed, you might try searching using your old name. If you still cannot find your super, check if you can find any old statements from the fund and then contact them directly. They may not know that they have out-of-date details for you, in which case you won’t be considered ‘lost’.
If you can’t remember which fund your super was paid into, you should contact your old employer to find out the name of the super fund and then contact the fund.
How does AUSfund reunite people with their super?
We look for lost super and lost members in a number of ways:
Lost members: we look for new addresses for lost members in various ways, including using the services of Baycorp Advantage. AUSfund and the funds we work with have now found over 1,000,000 lost members.
Unclaimed super: We also work with the ATO and search their databases for unclaimed super held by the ATO that belongs to our members. Since 2002 we have transferred over $28.15 million from the ATO to our members’ accounts.
What is Cross Fund Matching?
We’re committed to reuniting members with their active super accounts. If we find an active account in your name with one of our participating funds we will transfer your AUSfund super benefits to that account and let you know in writing. Terms & conditions apply.
If you do not wish us to undertake cross fund matching services on your behalf, or transfer your AUSfund benefits to an active super account in your name, let us know by writing to us at: PO Box 2468, Kent Town SA 5071 or email us at admin@ausfund.net.au. Please include your AUSfund member number.
Which super funds transfer lost, small or inactive accounts to AUSfund?
Use the scroll bar on the bottom of AUSfund’s home page to view the funds which transfer lost, small or inactive accounts to AUSfund.
How can I contribute to AUSfund?
AUSfund is designed to look after small, lost or inactive superannuation accounts. Most of the money we receive comes from other super funds. In order to keep our administration costs very low and run the fund efficiently, AUSfund is not able to accept:
- Employer (concessional) contributions, other than in exceptional circumstances and then only on a one-off basis;
- Spouse contributions;
- Contributions made through a salary sacrificing arrangement; or
- Government Co-contributions.
AUSfund does not allow contribution splitting.
AUSfund is able to accept:
Personal (non-concessional) contributions which can be made to age 64. If you are aged 65 to 74, you can make personal contributions to a fund if you have been gainfully employed for at least 40 hours in a period of not more than 30 consecutive days during the same financial year in which the contributions are made. Persons aged 75 and above cannot make personal contributions. Personal contributions can be made by sending a cheque made payable to AUSfund PO Box 2468 KENT TOWN 5071. Make sure you quote your name and AUSfund membership number.
There are effective limits on the amount of personal contributions that can be made. These are limited to $150,000 per annum. People aged under 65 can bring forward two years of contributions and make a larger contribution of $450,000. AUSfund is not able to accept personal contributions exceeding this cap. If you make contributions in excess of the cap because you contribute to more than one fund then excess contributions will be taxed at the top marginal rate (plus Medicare levy).
As a fund member, you are required to quote your Tax File Number (TFN) in order to make personal contributions. Otherwise the contribution will be returned to you within 30 days.
Why should I roll my money out of AUSfund?
Consolidating super accounts avoids multiple sets of fees and charges. Therefore, moving your unclaimed super out of your AUSfund account and into your main active super account makes good sense:
- No more paying multiple fees
- Less paperwork
- Higher super balance
- Easier to control and keep track of
How do I roll my money out of AUSfund?
Simply fill out a rollover form. It's that easy!
What if I’m over 65 or looking for money from a deceased estate?
Lost super for men 65 years or over and women 60 years or over and money from deceased estates is generally transferred to the Unclaimed Money Register in each State or Territory. For more information on unclaimed monies click here.
I'm a temporary resident - will I receive an exit statement?
If you are a temporary resident and you do not claim your benefit within six months of the date you depart from Australia, AUSfund is required by law to transfer the amount to the Australian Taxation Office (ATO).
In these circumstances, the Australian Securities and Investments Commission (ASIC) have provided relief to superannuation funds in regards to the provision of member exit statements. As such, AUSfund will not issue an exit statement for benefits transferred to the ATO via this mechanism.
If you do wish to claim your benefit after six months of departing Australia, you may do so at any time by applying directly to the ATO.
For further information regarding temporary residents benefits and the ATO, please visit their website www.ato.gov.au .
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