Mandurah No.1 location for lost super in WA

super pig

In Mandurah there are 1636 accounts with $30.9 million sitting unclaimed.

 

Thousands of residents in the Mandurah area have lost almost $31 million in superannuation as billions of dollars in retirement nest eggs across the nation go missing.

Figures to be released today by the Australian Taxation Office show the postcode 6210, centred on Mandurah, is the No.1 location in WA for lost superannuation.

In Mandurah there are 1636 accounts with $30.9 million sitting unclaimed.

In the Perth metropolitan area, there are lost superannuation account hotspots in North Coogee and Hamilton Hill, where there are 1408 missing nest eggs containing $26.5 million.

Neighbouring Cockburn has 1387 missing accounts holding $25.8 million.

Across the State there are 71,000 unclaimed accounts with a total of $1.3 billion, while nationally Australian workers have lost touch with $11.6 billion that is sitting in 591,600 accounts.

ATO deputy commissioner James O’Halloran said the $31 million sitting in accounts in Mandurah would be better off with its rightful owners.

“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,” Mr O’Halloran said.

He said many people lost track of their superannuation as they moved from job to job.

About 43 per cent of Australians hold multiple super accounts and while in some cases this was deliberate, many people simply lost track of their cash. An account is considered lost when a super fund has been unable to contact a member and there has not been a contribution for at least 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.

ATO reveals top postcodes for lost super – News.com

AUSSIES are missing out on nearly $12 billion of their own “lost” money.

The good news? Getting it back is as easy as clicking a button.

The Australian Taxation Office has released its latest data on lost and unclaimed super, revealing a whopping $11.7 billion sitting in lost superannuation accounts.

A superannuation account is considered “lost” when the fund is unable to contact the individual and hasn’t received a contribution to an account for five years.

The average lost super account has around $10,000 sitting in it, but balances vary from a few hundred to a few hundred thousand dollars.

“You might be surprised,” ATO deputy commissioner James O’Halloran said.

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

“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.”

Earlier this year, the Westpac Lost Super report found nearly three quarters of the population said they wished they had looked after their super better when they were younger.

For someone aged between 19 and 24, every $1 they recover in lost super today equates to $10 in retirement, the report found.

One individual received a whopping $994,000 in lost super back from the tax office last October, and just last month a 50-year-old recovered $140,000.

Last month, 24-year-old Natalie Piucco clawed back more than $6000 in lost super hovering in three accounts after doing a search online.

“During university I had at least two jobs at the same time so I consolidated all my super from casual jobs,’’ she told New Corp.

“I didn’t know until I looked into it online how much lost super was there and I just moved it all across into my main account.”

People typically lost contact with their super funds when they change jobs, move house, or forget to update their details, Mr O’Halloran 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,” he said.

“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 super accounts with balances of $4000 or less are transferred to the ATO and become “unclaimed super”, which can be reclaimed by the owner at any time.

HOW TO CLAIM YOUR LOST SUPER
1. Contact your super fund and ask for help to find lost accounts.
2. Login to MyGov to view lost super. Click on the ATO icon. Go to the Super tab, click on super accounts and see if you need to consolidate.
3. Visit Superseeker online and enter your tax file number, name and date of birth.
4. Phone the ATO on 13 10 20 between 8am and 6pm, Monday to Friday.
5. Call Roxburgh Securities on 08 9379 3555 or email steve@blizard.com.au 

 

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