North Queensland tops the list when it comes to unclaimed superannuation, according to data from the Australian Taxation Office (ATO).
The ATO found as at 30 June 2017, there were over 6.3 million lost and ATO-held super accounts with a total value of almost $18 billion.
Super funds were found to hold $14.12 billion of lost super, and a further $3.75 billion of unclaimed super held by the ATO.
Mackay and Cairns in north Queensland were the top two postcodes in the country for the most unclaimed super at $62.2 million and $61.4 million respectively.
This was followed by Liverpool in NSW ($59 million), Toowoomba in Queensland ($56.6 million), and Werribee in Victoria ($56.2 million).
The ATO also found that over half the amount of lost super held by super funds, $7.6 billion, belonged to people aged 40 to 55.
ATO assistant commissioner, Debbie Rawlings, said over the past four financial years, the ATO had reunited 1.68 million accounts worth $8.12 billion with the account owner.
Rawlings said people lost contact with their super funds when they changed jobs, move house, or had not updated their details with their super fund.
“You might choose to keep multiple accounts, but if you consolidate your multiple super accounts into the one you prefer, you’ll avoid paying multiple sets of fees and charges,” Rawlings said.
“If you’re not sure whether to consolidate your accounts, check with your super fund who can advise you on issues such as insurance that may be attached to your accounts.”
