There is over $20.8 billion in lost and unclaimed superannuation across Australia, according to new data from the Australian Taxation Office (ATO).
The data, released today, also highlights the postcodes with the highest amount of lost and unclaimed super account values.
Sydney suburb of Liverpool (2170) came out on top, with residents missing over $81 million in lost and unclaimed super.
Werribee (3030), a suburb of Melbourne, followed with a missing value of over $72 million in lost and unclaimed super.
Top 10 postcodes ranked by number of lost and unclaimed super account values as at 30 June 2019
|Ranking||Postcode||State||Total number of accounts||Total value|
|1||2170 – Liverpool and surrounds||NSW||13,251||$81,085,282|
|2||3030 – Werribee and surrounds||VIC||9,966||$72,114,112|
|3||2560 – Campbelltown and surrounds||NSW||11,004||$63,231,975|
|4||2145 – Westmead and surrounds||NSW||8,807||$60,764,352|
|5||3977 – Cranbourne and surrounds||VIC||10,126||$58,918,901|
|6||3029 – Hoppers Crossing and surrounds||VIC||8,883||$57,248,692|
|7||2026 – Bondi and surrounds||NSW||8,105||$56,000,248|
|8||2000 – Sydney CBD||NSW||8,295||$55,984,758|
|9||2010 – Surry Hills and Darlinghurst||NSW||7,493||$55,732,148|
|10||2148 – Blacktown and surrounds||NSW||8,416||$52,838,249|
Losing super over the years is not uncommon. ATO Assistant Commissioner, Graham Whyte, explained: “Often people lose touch with their fund by simply changing jobs or moving home.”
“It’s important to know that this doesn’t mean it’s lost forever, getting back in touch is easier than you think,” Mr Whyte said.
New rules mean lost super may be sent directly to you
New legislation now means that the ATO may soon be reuniting Aussies with their lost super, without them having to do the finding.
Super funds are now required to report and pay inactive low balance accounts to the ATO. This includes accounts with balances under $6,000, or accounts that have not received contributions in 16 months.
The ATO have been made aware of 2.3 million inactive low balance accounts, valued at approximately $2.16 billion.
It will be working to transfer missing funds to the active accounts of the owners. If the member is over 65, or the value of the missing funds is under $200, it will simply be directly sent to their bank account.
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