Aussies have been warned they could be missing out on a fortune, with seven million forgotten super accounts lying dormant.
While most lost accounts contain only a few thousand dollars, one Melbourne man in his 70s discovered he had more than $100,000 in lost super waiting for him.
Another woman working in regional Queensland was unaware she had more than $500,000 sitting in a lost account.
Across the country, the ATO has reunited 360,000 Australians with their missing retirement balances in the past seven months, unlocking a combined $600million in unclaimed super.
Assistant Treasurer Daniel Mulino said Australians work hard for their super, and the government wants to ensure people can access what they are owed.
'That's why the government has introduced laws to support Australians making an informed choice about their superannuation when starting a new job,' he said.
'If you have changed jobs, or travelled overseas or changed your name, there may be some superannuation funds you left behind.
'We want to get you and your money back together so it can do its job and help your savings for retirement grow.'
Aussies have been warned they could be missing out on a fortune, with seven million forgotten super accounts lying dormant
A key structural change begins on July 1, when employers will be required to pay superannuation on every payday rather than quarterly.
Research by HR platform Employment Hero shows 80 per cent of employees and 58 per cent of businesses are unaware of the upcoming shift.
'Payday super is one of the most positive reforms for working Australians in decades,' Employment Hero's superannuation general manager Rob Dunn said.
'More frequent contributions mean better visibility, fewer lost accounts and ultimately healthier retirement balances.'
The broader system is also preparing for regulatory tightening.
Treasurer Jim Chalmers will this week outline new best‑practice obligations and more stringent reporting rules for superannuation trustees.
It comes amid concerns funds are failing to adequately guide members approaching retirement as the 'silver tsunami' accelerates.
Australians seeking to locate missing savings can check for lost accounts via ATO online services through myGov or by using the lost super search line.
