$60m in unclaimed super

$60m in unclaimed super

Australia-wide, more than six million unclaimed super accounts exist, collectively worth more than $18 billion.

The good news is readers can check whether they have any unclaimed superannuation funds on the Australian Tax Office website in about two minutes.

Only a name, date of birth and tax file number are needed to conduct the quick search for lost super.

Postcode 6069, which includes Ellenbrook, Aveley, Belhus, Brigadoon, The Vines and Upper Swan has 3116 unclaimed accounts worth a total of $21.33 million ” an average of $6845 per account.

Herne Hill, Baskerville and Millendon are in the 6056 postcode that also encompasses the wider Midland area.

Here, there are 4980 unclaimed accounts totalling more than $29.20 million, which equates to $5864 per account.

Meanwhile, Gingin (6503) has 277 accounts worth about $1.67 million and Bindoon (6502) has 169 accounts worth more than $900,000.

Superannuation can be classified as unclaimed when account holders lose contact with the fund provider, change addresses or are no longer a resident of Australia.

Transferring money from old superannuation funds can often attract fees, making it advisable to contact a financial planner before making any costly transfers.