New data released by the Australian Taxation Office (ATO) reveals the total amount of lost and unclaimed super was reduced by over $420 million in 2017-18 but there is still $17.5 billion waiting to be found.
Assistant Commissioner Graham Whyte said one of the ATO’s priorities is to reunite people with their lost super which is spread across more than 6.2 million accounts.
“We’re determined to help people find their super and I’m pleased to say that in the past financial year more than $3 billion was consolidated into active super accounts across the country,” Mr Whyte said.
“Our data shows there are some large amounts still lost. For example, one New South Wales account has over $2.2 million waiting to be found.”
This latest round of postcode data also shows that Victorians had the biggest boost to their retirement savings last year, with a reduction of over $174 million in lost and unclaimed across the state.
Mr Whyte said people often lose contact with their super funds when they change jobs, move house, or simply forget to update their details.
“We know that more than a third of Australians still hold two or more super accounts. While some people intentionally maintain multiple accounts, a lot of people are unaware of this, and that their super is possibly being eroded by fees.
“Our advice is to remain engaged with your super fund through all stages of your career, not just when you’re ready to retire.”
You can view all your super account details, including any that you have lost or forgotten, and consolidate your accounts any time by linking your myGov account to ATO online services.
In the last year over 530,000 active, lost and unclaimed super accounts worth almost $3.2 billion were consolidated using myGov.
“If you’re not sure whether to consolidate, check with your super fund who can advise you on issues such as insurance that may be attached to your accounts.
“Tax time is a great time for individuals to check up on their super, particularly if they plan on doing their own tax return using myTax.”
For information on how to manage your super and view all your super accounts including lost and unclaimed super, visit ato.gov.au/checkyoursuper
To find out how much lost super is in your postcode and to see other superannuation statistics visit ato.gov.au/lostsuper
Top ten postcodes with the highest amount of lost and unclaimed super
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