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Almost $21 billion exists in lost and unclaimed superannuation across Australia, Australian Tax Office (ATO) figures show.1 This works out to an average of almost $6,600 for each lost account.
The ATO discovered one 68-year-old woman was entitled to $1.5 million in unclaimed super.
In another instance, a woman, also aged over 65, was reunited with $600,000, which helped her recover after losing her home in a bushfire.
You can search for any lost or unclaimed super you may have in MyGov.
The $21 billion total includes $2.8 billion in lost and unclaimed super in Queensland across almost 644,000 accounts, with the Cairns, Mackay and Toowoomba regions being the dominant postcodes for lost and unclaimed monies.
In Cairns and surrounding regions, the ATO research shows 13,783 lost or unclaimed super accounts with a total value of more than $52 million. Toowoomba and surrounds has 12,148 lost or unclaimed accounts at a value of almost $51 million, while Mackay and surrounds has a total of 10,903 accounts at a combined value of $50 million.2
The sooner you find any lost super you may have, the sooner you may be able to get your money working harder for you.
Benefits of consolidating3 your super into one account include:
You can search for any lost or unclaimed super you may have in MyGov or if you already know the accounts you are consolidating with QSuper log in to Member Online.
1. ato.gov.au/Media-centre/Media-releases/The-race-is-on-to-find-$20-8-billion-in-super/, accessed 22 November 2019.
2. ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Lost-and-unclaimed-super-by-postcode/?page=1#Queensland, accessed 22 November 2019.
3.Before you consolidate your super, you should check with your other super funds if there are any fees or tax implications, or loss of insurance or other benefits.
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