Lost and unclaimed super drops to $17.5 billion
While the total amount of lost and unclaimed superannuation in Australia fell by $420 million in the 2017-18 financial year, $17.5 billion is yet to be claimed, according to the latest ATO figures.
Unsurprisingly, NSW had the highest number of lost super accounts, with 178,762 lost super accounts reported for the state representing a total value of $4.21 billion. There were also 916,644 unclaimed super accounts for NSW representing a total value of $4.91 billion.
Victoria had the second-highest number of lost and unclaimed super accounts at 125,074 and 507,756, respectively. The total value of the lost super accounts was $3.04 billion, while the unclaimed super accounts accounted for $3.51 billion.
Tasmania had the lowest number of lost and unclaimed accounts with 8,099 lost super accounts and 38,108 unclaimed super accounts representing $184 million and $35 million, respectively.
The post code with the greatest amount of lost and unclaimed super was the Queensland post code 4740 encompassing Dolphin Heads, Mackay and other surrounding towns. The total amount of lost and unclaimed super for that postcode was $60.2 million.
The ATO said that individuals can lose track of their super when they change their name, address or job, or move overseas.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
