THE postcode 6210 has the highest amount of lost superannuation in WA.
Deputy Commissioner James O’Halloran said there was $30 million sitting in lost super waiting to be claimed by residents of the 6210 postcode, which covers Halls Head and surrounding suburbs.
“This figure is just a small slice of the lost super across Australia,” Mr 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.
“You might be surprised. 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 per cent 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.”
New data revealed $11.7 billion is sitting in lost super accounts across Australia and the ATO is encouraging people to reconnect with their super through online services.
Mr O’Halloran said super is considered ‘lost’ when a fund is unable to contact the individual and had not 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,” he said.
“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.
“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 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.
“Once you have linked your myGov account to ATO online services, you will be able to view all your super account details, including any that has been lost or forgotten about,” he said.
“It’s a great time for Australians to check up on their super, particularly if they plan on logging-in to lodge 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 www.ato.gov.au/checkyoursuper.
To find out how much lost super is in each postcodes visit www.ato.gov.au/lostsuper.