Mandurah still No.1 for lost super

New figures released by the ATO show almost 12,000 residents in Mandurah are missing $47.5 million in lost super, the highest amount in the state.

As at 30 June 2017, there are over 6.3 million lost and ATO-held super accounts with a total value of around $18 billion across Australia, and around $47 million of that is in the 6210 post code of Mandurah. 

Mandurah was also the number one location for lost super in 2016 with $30.9 million sitting unclaimed from 1636 accounts.

The latest figures show that super funds are holding $14.12 billion of lost super, with a further $3.75 billion of unclaimed super held by the ATO.

People living in Western Australia have around 418,000 lost and unclaimed super accounts worth $1.91 billion to find.

Assistant Commissioner Debbie Rawlings said 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.

“Over the past four financial years we’ve reunited 1.68 million accounts worth $8.12 billion with the account owner, and there’s plenty more to be found,” Ms Rawlings said.

“By using myGov to track down your super, the money will be transferred to your preferred fund, generally within three working days.

“More people are finding their lost and unclaimed super through our online services every year, but these figures show there are many people who still may not realise how quickly and easily they can check their super accounts. 

“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.

Alternatively you can call the ATO Super Helpline on 13 10 20 to request direct claim or transfer paper forms, or speak to your super fund.

People can lose contact with their super funds when they change jobs, move house, or haven’t updated their details with their super fund.

They may also lose track of their super from accounts established earlier in their career. 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.

"If you’re not sure whether to consolidate your accounts, check with your super fund who can advise you on issues such as insurance that may be attached to your accounts.” Ms Rawlings said.

The top five postcodes for WA are: