MANDURAH tops the list of unclaimed superannuation in WA.
In June this year, there was a whopping $50,429,323 of unclaimed superannuation across 10,040 accounts in the 6210 postcode.
Get in front of tomorrow's news for FREE
Journalism for the curious Australian across politics, business, culture and opinion.
READ NOWNew Australian Taxation Office (ATO) data shows there is more than $20.8 billion in lost and unclaimed super across Australia.
Assistant Commissioner Graham Whyte said last year more than 540,000 active, lost and unclaimed super accounts worth more than $4.4 billion was consolidated using ATO online via myGov.
“Often people lose touch with their fund by simply changing jobs or moving home,” he said.
“It’s important to know that this doesn’t mean it’s lost forever, getting back in touch is easier than you think.”
New laws now require super funds to report and pay inactive low balance accounts to the ATO.
The ATO can also reunite Australians with their super, without them needing to take any action.
“In total, we’ve received over 2.3 million inactive low balance accounts from super funds, valued at approximately $2.16 billion,” Mr Whyte said.
“We are now working to reunite Australians with these amounts by either transferring it into an active super account, or directly into their bank account where the amount is less than $200 or the member is aged over 65 years.”