Lost millions await owners
Tax office reveals unclaimed super
THE Geelong region has more than $120 million in combined lost and unclaimed super, new data from the Australian Taxation Office has revealed.
A postcode breakdown of the figures found the 3216 area, which includes Belmont, Grovedale and Waurn Ponds, has a sum of lost and unclaimed super totalling $25,686,160.
More than $22 million of that figure is tied up in 859 lost accounts — an average of 25,500 per person — while the other $3 million totals from 3660 unclaimed accounts.
The 3216 combined figure is more than double the second and third worst areas in the region: Torquay and Jan Juc (3228) on $11,374,057, and Corio and Norlane (3214) on $10,916,968.
Surf Coast towns Apollo Bay, Lorne, Aireys Inlet and Fairhaven have the least VALUE OF LOST AND UNCLAIMED SUPER BY POSTCODE $25,686,160 $11,374,057 $10,916,968 $10,055,141 9,756,832 Full list online at geelongadvertiser.com.au amount of lost and unclaimed super, totalling less than $1 million each.
The data also shows Victorians had the biggest boost to their retirement savings last year, with a reduction of over $174 million in lost and un- claimed super across the state.
Assistant Commissioner Graham Whyte said one of the ATO’s priorities was to reunite people with their lost super, which totals $17.5 billion across more than 6.2 million accounts nationally.
“I’m pleased to say that in the past financial year more than $3 billion was consolidated into active super accounts across the country,” he said.
Mr Whyte said people often lost contact with their super funds when they changed jobs, moved house, or simply forgot to update their details.
“Our advice is to remain engaged with your super fund through all stages of your career, not just when you’re ready to retire.”
View all your super account details, including any that you have lost or forgotten, and consolidate your accounts any time by linking your myGov account to ATO online services. For more information, go to ato.gov.au/checkyoursuper