Missing millions listed
Superannuation money totalling more than $30 million that belongs to people that have lived, or still live, in an area stretching from Garfield to Trafalgar and districts north and south of Princes Highway is being held by the Australian Taxation office.
The money is regarded as lost or unclaimed.
About 1000 of the accounts that hold the bulk of the money are in the “lost” category; that is, they belong to people that may have died, no longer live in Australia, cannot be located or have lost contact with their superannuation funds often by not notifying change of address.
However, almost five times that number of accounts are regarded as “unclaimed” although their values are considerably less.
The funds held by the ATO are payments from employers, superannuation funds, retirement savings accounts or the government.
The ATO has recently published a list of outstanding lost and unclaimed superannuation accounts based on postcodes.
The 3820 and 3818 postcodes, centred on Warragul and Drouin respectively, account for more than half of the total funds being held by the taxation office.
Figures for district postcodes are:3814 (including Garfield and Garfield North), $1.62 million.
3815 (incl. Bunyip, Bunyip North, Iona, Tonimbuk), $1.69 million.
3816 (incl. Longwarry, Modella, Labertouche), $1.86 million.
3818 (incl. Drouin, Drouin South, Drouin East, Drouin West), $7.29 million.
3820 (Warragul), $8.35 million.
3821 (incl. Warragul South, Warragul West, Ellinbank, Rokeby, Buln Buln, Buln Buln East), $1.25 million.
3822 (incl. Darnum, Cloverlea) $436,000.
3824 (incl. Trafalgar, Trafalgar East, Trafalgar South), $2.92 million.
3831 (incl. Neerim South, Neerim, Neerim East), $921,000.
3832 (incl. Neerim Juntion, Neerim North), $88,000.
3833 (incl Noojee, Icy Creek, Baw Baw, Mount Baw Baw village), $1.35 million.
ATO assistant commissioner Graham Whyte said super can be lost when people lose contact with their funds or forget to update details.
He said it was important to stay engaged with super funds throughout careers and not just when nearing retirement.
Information on superannuation accounts including lost and unclaimed funds can be accessed at ato.gov.au/checkyoursuper