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$17.5b in lost superannuation: is it yours?

More than a third of all Australians have more than one superannuation account. Moving house, changing jobs or just forgetting to update your details can easily separate you from your superannuation fund.

Currently, more than $17.5bn in lost super across 6.2 million accounts is waiting to be claimed. And, the ATO says that it is not all small amounts with one account in NSW holding more than $2.2 million. While over 500,000 super accounts were consolidated last year, there is still a lot of superannuation lying around being unproductive.

The top 10 postcodes for lost superannuation are:

RankingPostcodeStateTotal number of accountsTotal value
14740– Mackay and surroundsQLD12,140$60,172,250
22170 – Liverpool and surroundsNSW13,236$59,192,322
34870 – Cairns and surroundsQLD15,450$57,463,430
43030 – Werribee and surroundsVIC10,457$56,665,113
54350 – Toowoomba and SurroundsQLD13,425$53,259,353
62560 – Campbelltown and surroundsNSW11,310$50,193,212
72010 – Surry Hills and DarlinghurstNSW7,646$45,659,021
82000 – Sydney CBDNSW6,520$44,048,306
96210 – Mandurah and surroundsWA10,983$43,997,603
103029 – Hoppers Crossing and SurroundsVIC9,296$43,761,841

So, what can you do? If you have not already, sign up for a MyGov account. MyGov is an online portal for a range of Government services. If you link your MyGov account to ATO online services, you can see the superannuation accounts registered to you. MyGov is also a way of ensuring that you are not caught out by formal looking scam emails as the communication sent to you by Government is available on the portal.

To discuss your superannuation contact Cameron Moore on PPT on (03) 5331 3711.

DISCLAIMER: The material and contents provided in this publication are informative in nature only.  It is not intended to be advice and you should not act specifically on the basis of this information alone.  If expert assistance is required, professional advice should be obtained.