Millions in missing super is costing South Burnett residents
IF YOU lost a 20 cent coin you probably wouldn't spend too much time looking for it. But what if you lost over $23 million?
One could assume you would make it a higher priority to locate the lost finds.
So, it will come as a surprise that there are over 6000 lost or unclaimed superannuation accounts from residents across the South Burnett.
And the dollar amount in the lost or unclaimed accounts exceeds a staggering $23.8 million.
According to the Australian Taxation Office data released after the 2017/18 financial year, there is $8,303,244 in lost and unclaimed accounts just in the Bunya Mountains postcode.
But those up the hill are not the only ones with missing funds.
There is $7,075,805 in lost and unclaimed super in Kingaroy and not to be outdone, the Nanango figures are not far behind with a total of $3,331,805 from over 1000 accounts.
ATO Assistant Commissioner, Graham Whyte said one of the ATO's priorities is to reunite people with their lost super.
"We're determined to help people find their super and I'm pleased to say that in the past financial year more than $3 billion was consolidated into active super accounts across the country,” he said.
Mr Whyte said people often lose contact with their super funds when they change jobs, move house, or simply forget to update their details.
"We know that more than a third of Australians still hold two or more super accounts,” he said.
"While some people intentionally maintain multiple accounts, a lot of people are unaware of this, and that their super is possibly being eroded by fees.”
South Burnett residents who think they may have lost or unclaimed super are encouraged to make it a priority sooner rather than later.
"Our advice is to remain engaged with your super fund through all stages of your career, not just when you're ready to retire,” Mr Whyte said.
Below is a list of various South Burnett regions, the number of accounts and the total dollar amount in lost or unclaimed accounts.
Lost or unclaimed Super Accounts
Bunya Mountains 4405
You can view all your super account details, including any that you have lost or forgotten, and consolidate your accounts any time by linking your myGov account to ATO online services.
For information on how to manage your super and view all your super accounts including lost and unclaimed super, visit the ATO website.