powering smart financial decisions

From Bondi to Cranbourne: postcodes with most missing super revealed

From Bondi to Cranbourne: postcodes with most missing super revealed

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

RankingPostcodeStateTotal number of accountsTotal value
12170 – Liverpool and surroundsNSW13,251$81,085,282
23030 – Werribee and surroundsVIC9,966$72,114,112
32560 – Campbelltown and surroundsNSW11,004$63,231,975
42145 – Westmead and surroundsNSW8,807$60,764,352
53977 – Cranbourne and surroundsVIC10,126$58,918,901
63029 – Hoppers Crossing and surroundsVIC8,883$57,248,692
72026 – Bondi and surroundsNSW8,105$56,000,248
82000 – Sydney CBDNSW8,295$55,984,758
92010 – Surry Hills and DarlinghurstNSW7,493$55,732,148
102148 – Blacktown and surroundsNSW8,416$52,838,249

Source: ATO.gov.au

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.

Thinking of switching super? Compare your options:


How to know if you are missing super

If you’re concerned that you may have lost super, you can visit ato.gov.au/checkyoursuper for more information.

Did you find this helpful? Why not share this news?

This article was reviewed by Head of Content Leigh Stark before it was published as part of RateCity's Fact Check process.



More superannuation news

More news? Read more here

Learn more about superannuation