Melville residents missing $50m in lost and unclaimed superannuation

Melville residents missing $50m in lost and unclaimed superannuation

MELVILLE residents are missing more than $50 million in lost and unclaimed superannuation, according to the latest figures released by the Australian Taxation Office (ATO).

There are more than 2400 lost accounts linked to Melville suburbs, including $10.8 million spread across 480 accounts containing addresses in Applecross, Ardross, Brentwood and Mt Pleasant.

Bull Creek and Leeming was next highest, boasting $10.1 million in lost and unclaimed super from 483 accounts.

Australia wide, $11.7 billion is sitting in lost super accounts and the ATO is encouraging all Australians to reconnect with their super using its online services.

ATO Deputy Commissioner James O’Halloran said more than $2.5 billion had been consolidated into active super accounts in the past financial year.

“A lot of people who worked casually while they were studying or worked multiple part-time jobs find super they had completely forgotten about,” he said.

“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.”

Mr O’Halloran said super was considered “lost” when a fund was unable to contact the individual and had not received a contribution to an account for five years.

“All small lost member accounts with balances of $4000 or less are transferred to the ATO and become what is called unclaimed super,” he said.

“Just like lost super, unclaimed and other ATO-held super can be claimed at any time.”

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.

Lost and unclaimed super in the City of Melville by postcode

6149: 483 accounts – $10,148,671

6150: 292 accounts – $6,413,260

6153: 480 accounts – $10,814,853

6154: 276 accounts – $5,960,529

6156: 456 accounts – $9,728,368

6157: 483 accounts – $10,148,671

Kardinya is part of the 6163 postcode, which also includes a number of non-Melville suburbs such as Samson, Hilton, Bibra Lake and Hamilton Hill, among others. Collectivley, the 6163 postcode has $26.5 million in lost and unclaimed super across 1408 accounts.