New postcode data released by the Australian Taxation Office (ATO) shows people in Launceston led the state in reducing their lost and unclaimed super balance by over $1 million in 2017-18.
Assistant Commissioner Graham Whyte said now is the time for Tasmanians to reconnect with their lost super which is spread across the state in more than 46,000 accounts.
“We’re determined to help people find their super and I’m pleased to say that in the past financial year more than $56 million was consolidated into active super accounts by Tasmanians, giving their retirement savings a welcome boost,” Mr Whyte said.
“Our data shows that one Tasmanian account has more than $1 million waiting to be found.”
Residents of Devonport in particular should jump on myGov and check their super, as in the last financial year the lost and unclaimed amount owing to them has increased by more than $1.2 million.
Mr Whyte said people can lose contact with their super funds when they change jobs, move house, or simply forget to update their details.
“It’s important to remain engaged with your super fund through all stages of your career, not just when you are ready to retire.
“The data also reveals that more than a third of Australians still hold two or more super accounts.
“While we know that some people intentionally maintain a number of accounts, many are unaware that their super may be sitting in multiple accounts and possibly being eroded by fees.
“Once you have linked your myGov account to the ATO, you can view all your super account details, including any that have been lost or forgotten about, and consolidate your accounts with just a few clicks.
“Tax time is a great time for individuals to check up on their super, particularly if they plan on doing their own tax return using myTax.”
The ATO advises anyone who wishes to consolidate their accounts but is concerned about issues such as insurance linked to their accounts, to contact their super fund.
For information on how to manage your super and view all your super accounts including lost and unclaimed super, visit ato.gov.au/checkyoursuper
To find out how much lost super is in your postcode and to see other superannuation statistics visit ato.gov.au/lostsuper
Top five Tassie postcodes with the highest amount of lost and unclaimed super
difference from last year
Bellerive and surrounds
Glenorchy and surrounds
Top five Tassie postcodes that have reduced lost and unclaimed super
Reduction from last year
Bellerive and surrounds
Taroona and Bonnet Hill
Lenah Valley and New Town
Sandy Bay and surrounds
Top five Tassie postcodes with the largest increase in lost and unclaimed super
Increase from last year
Kings Meadows and surrounds
Margate and surrounds
Wynyard and surrounds
Ulverstone and surrounds