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$17.5 billion in lost super sees savings ‘eroded’

$17.5 billion in lost super sees savings ‘eroded’

Over $17.5 billion of lost and unclaimed super spread across more than 6.2 million accounts continue to wait to be consolidated, according to new data from the ATO.

Tax&Compliance Jotham Lian 12 October 2018

Despite the total amount of lost and unclaimed super reduced by over $420 million in 2017–18, the ATO says there is still $17.5 billion waiting to be found.

Assistant Commissioner Graham Whyte said one of the ATO’s priorities is to reunite people with their lost super which is spread across more than 6.2 million accounts.

“We’re determined to help people find their super and I’m pleased to say that in the past financial year more than $3 billion was consolidated into active super accounts across the country,” Mr Whyte said.

“Our data shows there are some large amounts still lost. For example, one NSW account has over $2.2 million waiting to be found.”

According to postcode data, NSW leads the way with $4.9 billion waiting to be found, followed by $3.5 billion in Victoria, $3 billion in Queensland, $1.7 billion in Western Australia, $870 million in South Australia, $289 million in the ACT, $218 million in Tasmania, and $201 million in the NT.

The latest round of postcode data also shows that Victorians had the biggest boost to their retirement savings last year, with a reduction of over $174 million in lost and unclaimed across the state.

Mr Whyte said people often lose contact with their super funds when they change jobs, move house, or simply forget to update their details.

“We know that more than a third of Australians still hold two or more super accounts. While some people intentionally maintain multiple accounts, a lot of people are unaware of this, and that their super is possibly being eroded by fees.

“Our advice is to remain engaged with your super fund through all stages of your career, not just when you’re ready to retire.”

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$17.5 billion in lost super sees savings ‘eroded’
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