Some lucky Australians are set to receive an early Christmas present courtesy of the Australian Tax Office (ATO).
Millions of dollars in lost superannuation will hit the bank accounts of approximately 2.6 million Aussies as soon as this week.
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The lost cash is a result of super funds being obliged to notify the ATO if they have accounts that are inactive.
An inactive account is one less than $6000 to which no contribution had been made for 16 months.
If the amount is greater than $200, it will be transferred to a super account.
However if the owner of the lost super is over 65, the sum will be deposited straight into their bank accounts.
Association of Superannuation Funds of Australia deputy chief executive Glen McCrea told 7NEWS.com.au that Christmas has come early for some.
“We’ve been pushing as peak body to say this lost super money has been building up and we have been saying it needs to be sitting in people’s bank and super accounts,” McCrea revealed.
“This is an early Christmas present for a lot of Australians, it is really good news and the government and the ATO should be congratulated.”
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