Lost and unclaimed super. How much is in your suburb?
Superannuation | 12/03/2019 |
4 min read
What’s a postcode worth? If you’re talking about lost or unclaimed superannuation it can be millions of dollars.
According to the Australian Tax Office, there’s $17.5 billion in unclaimed super throughout the country. But those numbers vary wildly from postcode to postcode. Some suburbs are awash with unclaimed money, while others have a few coins behind the couch. If you want to see how your neighbourhood stacks up you can check the numbers right now by clicking here.
Is some of that $17 billion yours?
Is some of that lost and unclaimed money yours? If you’ve held a number of jobs over the years there’s a chance you have old and forgotten super accounts. Some of that money may have been moved to the Australian Tax Office if your accounts were inactive. This is usually done to prevent fees and charges from eroding low balances.
The point being, you may have unclaimed money out there waiting for you. Tracking it down and consolidating it in your super account is easy. Simply log into your Equip account and select ‘Find my Super’ from the drop-down menu.
The search function will find any superannuation currently held with the government or other funds. Moving it all into one Equip account is as simple as pressing a button.
How does your neighbourhood look?
Looking at lost or unclaimed super in different postcodes offers some interesting data. 2010 in NSW, home to Surry Hills, is sitting on one of the largest pools of unclaimed super in the country, with over $45 million up for grabs.
Conversely, affluent Toorak in Melbourne has just $13 million, and Vaucluse in Sydney has $12 million unclaimed. Those numbers tell a story, and it’s little surprise that a neighbourhood filled with students, share houses, part time workers and young professionals tends to have more lost or unclaimed money than its financially established counterparts across town.
What constitutes lost super?
Government legislation requires super accounts with low balances and no member interaction be closed and the funds rolled into the ATO’s coffers. This is designed to protect low balance holders (who may have several accounts) from having their money eroded by fees.
While the above scenario is the most common reason for your money ending up with the ATO, there are other ways your super can end up with the Government, and you can read more about them on the official government site.
In the meantime, set aside five minutes and search for your own lost super. You never know how much may be out there.
Check your suburbs lost super by clicking here. Check to see if any of it is yours by logging into your account, and selecting ‘Find Lost Super’.
Equipsuper Pty Ltd (“Equip”) (ABN 64 006 964 049, AFSL 246383) is the Trustee of the Equipsuper Superannuation Fund (“the Fund”) (ABN 33 813 823 017, MySuper Authorisation 33813823017672). This document provides general information only. It does not take into account your personal objectives, financial situation or needs, so should not be taken as personal advice. Before making a decision to invest in the Fund, you should read the appropriate Equip Product Disclosure Statement (PDS). Past performance is not an indication of future performance. Equip is licensed to provide intrafund personal and general superannuation advice under its AFSL. Member Advisors are employees of Equip. For more information about the remuneration of Equip and its employees, please refer to the Equipsuper Financial Services Guide (FSG).