Pore­punkah su­per loss

River com­mu­nity tops lost and un­claimed su­per­an­nu­a­tion tally

Alpine Observer - - Front Page - BY JAMIE KRONBORG jkro­n­borg@ ne­me­dia.com.au

ALPINE Shire cur­rent and for­mer res­i­dents are miss­ing al­most $7.2 mil­lion in lost or un­claimed su­per­an­nu­a­tion.

One hun­dred and forty peo­ple from Pore­punkah are each miss­ing an av­er­age sum of $7203 among 1557 res­i­dents who live or once lived in the shire and who have been iden­ti­fied as own­ers of the stray dol­lars.

An­other 110 who last had a Din­ner Plain ad­dress are miss­ing an av­er­age of $5490 and in Bright and Har­ri­etville 365 ac­count hold­ers have lost or un­claimed su­per­an­nu­a­tion amount­ing to an av­er­age of $ 5433 in ac­counts held by su­per­an­nu­a­tion funds or the Aus­tralian Tax­a­tion Of­fice.

In Ta­wonga South 83 peo­ple are miss­ing an av­er­age of $4275, in Mount Beauty 173 have be­come sep­a­rated from an av­er­age of $3428 and in Wandiligong 43 are miss­ing an av­er­age of $2228.

The tal­lies of the miss­ing re­tire­ment sav­ings and the post­codes of af­fected ac­count hold­ers have been dis­closed by the ATO in an at­tempt by the fed­eral gov­ern­ment to en­cour­age peo­ple to claim the funds.

The ATO last week re­vealed that Aus­tralian su­per­an­nu­a­tion funds cur­rently hold $14.12 bil­lion in lost su­per­an­nu­a­tion and the ATO it­self holds an ad­di­tional $3.75b in what it de­fines as ‘un­claimed’ su­per­an­nu­a­tion.

The term ‘lost’ is ap­plied to su­per­an­nu­a­tion ac­counts for which the man­ag­ing fund has no con­tact with the fund mem­ber.

Lost su­per­an­nu­a­tion ac­counts and the sum in each of them are trans­ferred by law from a su­per­an­nu­a­tion fund to the ATO af­ter a pe­riod and then considered ‘un­claimed’.

The lat­ter move – where the fund has been un­able to trace the mem­ber or the mem­ber’s ac­count has not re­ceived con­tri­bu­tions for five years –takes place to pro­tect the ac­cu­mu­lated sav­ings from on­go­ing su­per­an­nu­a­tion fund ad­min­is­tra­tion fees.

ATO as­sis­tant com­mis­sioner Debbie Rawl­ings said the eas­i­est way for peo­ple to keep track of their su­per­an­nu­a­tion, find lost or un­claimed su­per­an­nu­a­tion, of com­bine su­per­an­nu­a­tion ac­counts was by us­ing ATO on-line ser­vices through the Com­mon­wealth’s myGov web­site.

“Over the past four fi­nan­cial years we’ve re­united 1.68m ac­counts worth $8.12b with the ac­count own­ers – and there’s plenty more to be found,” she said.

“By us­ing myGov to track down your su­per­an­nu­a­tion, the money will be trans­ferred to your pre­ferred fund, gen­er­ally within three work­ing days.”

The ATO said peo­ple could lose con­tact with fund man­agers when they changed jobs, moved house or failed to up­date per­sonal con­tact de­tails with their fund.

Its data showed that al­most 2.3m Aus­tralians still had three or more su­per­an­nu­a­tion ac­counts.

It also showed that Mel­bourne’s outer sub­urbs of Wer­ribee, Cran­bourne, Hop­pers Cross­ing and Frankston and the east­ern sub­urb of Glen Waver­ley were the post­codes with Vic­to­ria’s high­est sums of lost or un­claimed su­per­an­nu­a­tion.

But the tal­lies for Alpine com­mu­ni­ties near match these lo­cal­i­ties’ sums.

Al­most 4770 Glen Waver­ley cur­rent and for­mer res­i­dents are miss­ing an av­er­age of $7904, while that miss­ing from Pore­punkah ac­count hold­ers is just shy of the top city av­er­age.

The ATO fig­ures show 28 Eu- robin ac­count hold­ers are each miss­ing an av­er­age of $10,644, 37 Ovens peo­ple $5627, 75 Whorouly peo­ple $4311, and 503 Myrtle­ford peo­ple $3386.

The num­bers also show that the sum of lost su­per­an­nu­a­tion in Alpine Shire has reached $6,043,829, owned by 271 ac­count hold­ers – while the sum of un­claimed su­per­an­nu­a­tion is $1,127,719, owned by 1286 cur­rent or for­mer res­i­dents.

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