Super...super…..where are you....?

Do you want a share of $16 Billion of lost super available in Australia?

As at 30 June 2017 the following regions had unclaimed and lost super to the value of:

• Australians had over 16 Billion Queenslanders had $3,127,500,773 lost super – NSW had the most of any state with over $5 Billion

• 4730 postcode (Longreach) has 653 accounts to the value of $2,431,556

• 4725 postcode (Barcaldine) has 219 account to the value of $1,075,332

• 4472 postcode (Blackall) has 267 accounts to the value of $1,054,004

• 4735 postcode (Winton) has 218 accounts to the value of $528,787

• 4724 postcode (Alpha) has 78 accounts to the value of $458,314

• 4726 postcode (Aramac) has 75 accounts to the value of $274,471

• 4727 postcode (Ilfracombe) has 52 accounts to the value of $272,187

• 4732 postcode (Muttaburra) has 35 accounts to the value of $90,653

• Find out how much lost and unclaimed super is in your postcode            

Superannuation is money set aside for your retirement.  Your superannuation has a big effect on your life when you retire; you can put plans in place now to ensure you are set up later in life.

The money comes from contributions made into your super fund by your employer. You may top the fund up with your own money, and you may be eligible for co-contributions from the government.  Provided you earn more than the minimum monthly threshold, your employer must pay 9.5% of your salary into a super fund. This is called the Super Guarantee and it's the law.

You can lose contact with your super fund when you change jobs, move house, or do not update your details with your super fund. If you have ever changed your name, address, job or lived overseas , you may have lost track of some of your super.  Having several super accounts could also mean multiple fees and charges are reducing your overall super investment.

The ATO can help you search for your lost super - click here for more info.  ASIC also has some advice when consolidating super - click here.  

HANDY TIPS

  • Your super = your choice - When you start a new job make sure you provide your new employer with your superfund of choice – if you don't they will pay your super into their choice of superfund.   Additional fund = additional fees,  avoid the extra time and paperwork to consolidate that new fund into your choice of super fun
  • Consolidate your super funds – the more super funds you have the more likely you are to lose track of them.  While the number of people with multiple accounts has been falling, there are still almost 2.3 million Australians with three or more super accounts.  You might choose to keep multiple accounts, but if you consolidate your multiple super accounts into the one you prefer, you'll avoid paying multiple sets of fees and charges. 
  • Search for lost or unclaimed super – look for past super accounts, lost super and any super money the ATO is holding for you.   The easiest way for people to keep track of their super, find lost or unclaimed super, or combine their accounts is by using ATO online services through myGov.  By using myGov to track down your super, the money will be transferred to your preferred fund, generally within three working days.  Once you have linked your myGov account to ATO online services, you will be able to view all your super account details, including any that have been lost or forgotten, and you can choose to claim or transfer your super online.   
  • Be cautious of people/organisations contacting you offering to find lost super for you – as always be wary of unsolicited emails asking you to provide your confidential personal details and offering something that seems too good to be true.

Don't lose your hard earned money – Share this with your family and friends and make sure they keep track of their super.