Monday, September 19, 2016

More than $3m in lost super in the Valley

WITH new figures revealing $11.7 billion is sitting in lost superannuation accounts throughout Australia, the tax office is encouraging people to reconnect with their super.

The Australian Tax Office has released its latest "lost and unclaimed super" data which reveals there is more than $3 million in lost super waiting to be claimed by residents of the 7140 and 7139 postcodes. Additional funds are likely to be found in those parts of the Derwent Valley in the 7030 postcode.

  • 7140: 219 lost super accounts totalling $2,986,022.62
  • 7139: 1 lost super account totalling $190,724.36

“This figure is just a small slice of the lost super across Australia,” ATO deputy commissioner James O'Halloran said. “One of our key goals is to reunite individuals with their super and in the past financial year $2.5 billion has been consolidated into active super accounts,” he said.

“A lot of people who worked casually while they were studying or worked multiple part-time jobs find super they had completely forgotten about. Forty-three percent of individuals have multiple super accounts and while some people purposefully maintain a number of accounts, a lot of Australians are unaware their hard earned super is unnecessarily being eroded away by fees.”

Mr O’Halloran said super is considered "lost" when a fund is unable to contact the individual and hasn’t received a contribution to an account for five years. “Members often lose contact with their super funds when they change jobs, move house, or forget to update their details.

“We know that when it comes to big life events, updating your details with your super fund is one of the last things on your mind. One thing you can do is make sure your super fund has your tax file number. It helps us reunite you with your super down the track,” he said.

“You might choose to keep multiple accounts, but to save on fees and charges consider consolidating your multiple super accounts online into the one you prefer. All small lost member accounts with balances of $4000 or less are transferred to the ATO and become what is called ‘unclaimed super’. Just like lost super, unclaimed and other ATO-held super can be claimed at any time.”

Mr O’Halloran said the ATO was working hard to make it easier for Australians to find their super and has seen excellent results. “Unlike missing car keys, lost super isn’t hard to find. Over the past couple of years, we have made a lot of changes to our online services that make finding and consolidating your super simpler than ever."

To look for lost and unclaimed super, visit www.ato.gov.au/checkyoursuper

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