Data reveals more than $81.4m in lost super across CQ
Central Queensland residents are urged to take stock of their retirement savings, with more than $81.4 million in lost and unclaimed superannuation.
Data released by the Australian Taxation Office for the financial year ending June 2020 revealed there was more than $81.4 million in lost and unclaimed superannuation sitting in 17,338 unused accounts in the region.
The data was derived from accounts in postcodes 4699, 4700, 4701, 4702, 4703, 4705, 4710, 4711, 4712, 4714, 4715, 4717, 4718, 4719, 4720, 4722, 4744, 4745, and 4746.
The data showed more than $9.97 million across 2308 unused accounts belonged to residents in Rockhampton from the postcode 4700.
The data also showed residents in Central Queensland were reunited with almost $25 million, with residents in Rockhampton from the postcode 4700 reclaiming more than $2.6 million.
In Central Queensland, lost and unclaimed superannuation was reduced by about $25 million last financial year.
QSuper Chief Executive Officer Michael Pennisi said Central Queensland residents could have thousands of dollars being held by the ATO, and potentially more money sitting with old superannuation funds if they had changed jobs numerous times.
Mr Pennisi said he was pleased to see the amount of lost and unclaimed superannuation had reduced significantly over the past year.
“I encourage all Queenslanders to take a moment to make sure they are not missing out on the money that’s rightfully theirs,” he said.
“Money in multiple super fund accounts means multiple fees and potentially insurance premiums eating into future income.
“Finding and consolidating your super is a quick and simple process using the ATO online services through myGov.
“You’ll be able to see all of your super, including money the ATO is holding for you as well as any old super fund accounts you may have forgotten about.”
For more information about lost and unclaimed superannuation, go to www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Lost-and-unclaimed-super-by-postcode/.