The Australian Taxation Office reported that as at 30 June 2017, there were more than 6.3 million lost and ATO-held super accounts that held a total value of nearly $18 billion.
According to the figures, $14.12 billion is held by super funds and $3.75 billion by the ATO.
The ATO defines lost super as super that is held by funds which have lost contact with the member. After a certain time, the lost super balances and accounts are required by law to be transferred to the ATO which then holds it.
“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,” the ATO assistant commissioner Debbie Rawlings 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.”
Which postcodes have the most unclaimed super?
4740 – Mackay and surrounding areas has 13,338 lost accounts, totalling $62,200,086.
4870 – Another region in Queensland, Cairns and its surrounding areas had a total $61,443,958 in lost super. That number was split between 18,488 funds.
2170 – The first NSW postcode on the list, Liverpool and its surrounding suburbs has 13,994 accounts and $59,059,570 in lost super.
4350 – Toowoomba and its surrounding suburbs, the third entry for Queensland, had 15,049 accounts and $56,643,721 worth of lost accounts.
3030 – The suburban Melbourne postcode of Werribee and its surrounds had $56,218,218 in lost super, made up of 11,296 accounts.
2560 – Sydney’s western-suburbs postcode of Campbelltown and surroundings had $51,076,993 and 12,198 lost super accounts.
6210 – Western Australia’s seaside postcode of Mandurah and surrounds also featured. In that part of Australia, there are 11,759 lost accounts totalling $47,596,304 in lost funds.
2010 – Inner city favourites, Surry Hills and Darlinghurst had 9,742 lost accounts making $45,072,339 in lost funds.
2026 – Tourist hotspot, Bondi and surrounds is also a hotspot for unclaimed super. There were 10,530 accounts and $44,442,084 recorded as being lost.
3977 – The second and final Victorian suburb to make the list, Cranbourne and its surrounds, had $44,419,073 in lost super, made up by 11,258 accounts.