Bundaberg residents are missing out on their super.
Bundaberg residents are missing out on their super.

Lost superannuation locally worth $25.6m

BUNDABERG has the eighth highest amount of lost superannuation in Queensland according to postcode.

There was $25.6 million spread across 2440 lost superannuation accounts in postcode 4670, according to the Australian Taxation Office.

The worst postcodes for lost superannuation was in Toowoomba, $41.8m, Cairns, $41.6m, and Mackay, $40.8m.

The Bundaberg postcode also has $6.5m in unclaimed superannuation across 7660 accounts.

Industry SuperFunds said that lost superannuation was when it was held by a fund which was unable to contact the owner.

Unclaimed superannuation was when small accounts that had not reached a contribution in 16 months were transferred to the ATO, which was unable to match the fund with an active account.

The ATO could hold unclaimed superannuation on the behalf of people over 65-years, for accounts worth less than $6000, for members that died, and for accounts for have been inactive for five years.

QSuper member experience chief Jason Murray said there was more than $42.7m in lost and unclaimed superannuation across seven postcodes in the region.

The postcodes represent Gayndah, Ban Ban Springs, Childers, Gin Gin, Woodgate, Yandaran, Baffle Creek, and Agnes Water.

Mr Murray urged local residents to re-evaluate their Superannuation accounts during the Christmas holidays.

"Locals could have thousands of dollars in accounts held by the ATO, and potentially more money sitting with old super funds if they have changed jobs numerous times," he said. "I urge them to do a quick super health check over the Christmas break to find and consolidate all of the money they rightfully own."

Mr Murray said the problem with having different super fund accounts meant there were unnecessary extra fees and insurance premiums.

This would impact on available income in the future.

He said that although unclaimed superannuation accounts held by the ATO will not be charged but cannot be used for investments.

"You can either set up a MyGov account and link it to the ATO to find all of your accounts or give your current fund permission to do it for you. You don't need your previous member details, just your Tax File Number." 

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