Thousands of Wyndham residents are missing out on a share of more than $100 million.
New Australian Taxation Office (ATO) data reveals that there are more than 6.3 million lost and ATO-held superannuation accounts with a total value of about $18 billion across Australia.
But $100.6 million of that is in accounts of people living in the 3030 and 3029 postcodes.
In the 3030 postcode, there are 11,296 lost or ATO-held accounts totalling $56 million.
According to the ATO, the average amount in each account is $4977.
In 3029, there are 9979 accounts totalling
$44 million. The average amount in each of those accounts is $4449.
Lost super refers to accounts held by super funds where they have lost contact with the account owner. By law, after a period of time, the lost account and its balance are transferred to the ATO and considered to be unclaimed super which is held by the tax office.
ATO assistant commissioner Debbie Rawlings said people often lost contact with their super funds when they changed jobs, moved house or failed to update their details with their super fund.
“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,” she said.
“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.”
Ms Rawlings said people can choose to keep multiple accounts, but consolidating their accounts could help them avoid paying multiple sets of fees and charges.
She 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.
“By using myGov to track down your super, the money will be transferred to your preferred fund, generally within three working days,” Ms Rawlings said.
