The ATO currently holds unclaimed superannuation money for approximately 5.38 million accounts with a total value of $3.75 billion as at 30 June 2017.
To remedy this, the tax office is launching an email campaign to 80,000 individuals, followed by 20,000 letters and an SMS, notifying them that the ATO is holding unclaimed funds.
The tax office expects most enquiries will be directed its way, but nonetheless professionals should be aware that their clients may be contacted.
As of 30 June last year, over half the amount of lost super held by super funds belonged to people aged 40-55.
Professionals should also be wary of scammers during this campaign, who are increasingly using email as a way to access taxpayer funds and data.
Fraudulent email tactics are not necessarily as obviously dodgy as they once were, as some well-regarded professionals have discovered.
The tax office will never use email or text messages to update the personal information of taxpayers, including supplying an ABN or credit card details.
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