The ATO has just announced the latest figures on unclaimed and lost superannuation accounts. These are the accounts held by super funds, where they have lost communications with the fund member. Lost super accounts and balances are then transferred to the ATO after a period of time, where they are considered to be unclaimed super.
There are more than 6.3 million lost super accounts as of 30 June 2017 and $18 billion worth of unclaimed super accounts. Super funds are currently holding lost super accounts worth $14.2 billion with unclaimed super worth $3.75 billion. This is after four financial years, where the ATO have reunited 1.68 million accounts amounting to $8.12 billion with account owners.
Cairns and Mackay in North Queensland have the most super accounts with 18,288 accounts worth $61.4 million and 13,338 accounts worth $62.2 million, respectively. Liverpool and areas around NSW follow next with 13,994 lost and unclaimed super worth $59.1 million.
People can lose track of their super funds when they move houses, change jobs or neglect to update their super fund details. They may also lose contact with their super accounts, which were established early in their career. The number of people with multiple super accounts has dropped but there still remain about 2.3 million Australians who have three or more super accounts.
People can look for their lost or unclaimed super, combine their accounts and keep track of their super through myGov ATO online services. More than 50% of lost super held by super funds worth $7.6 billion belongs to people aged 40 to 55 years old.
What can you do?
If you would like to know more about superannuation, you can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.
Whether you are a beginner, seasoned investor or business owner, we can give you guidance to maximise the financial areas of your life. We can give you an integrated and tailored solution of your superannuation, taxation, property investment, asset protection, estate planning and more.
If you like what you are reading, subscribe to our newsletters now at www.chan-naylor.com.au
Chan & Naylor Group has nationwide offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.
The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only.
Although every effort has been made to verify the accuracy of the information contained on this website, lnfocus, its officers, representatives, employees and agents disclaim all liability [except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.