Super funds need to report and pay unclaimed super to the ATO twice a year. There are several reasons super might be transferred to the ATO. These include certain lost accounts and unclaimed super money of former temporary residents.
If your super is transferred to the ATO, they will try to find your active super account. They will pay the money to your active account if you have one.
Visit the ATO website to learn more about unclaimed super.
If you’re 65 or older
The ATO may make a direct lump sum payment to you if they can, when they receive your unclaimed super money. At that point your super will be withdrawn from the superannuation system. You can request the funds to be paid to a super account, but this can only be done over the phone. You can find out more on the ATO website.
Leaving some or all of your money in your super account means your money stays invested. It also means you can hold onto your insurance cover. You can also continue to contribute while you decide how best to use your money. Keep in mind, investment earnings are taxed at 15%.