Almost one in four Australians have ‘lost’ superannuation accounts, that amount to $11.7 billion, according to new Australian Tax Office figures.
There are now 5.9 million ‘lost or inactive’ accounts in Australia, which is way down on 2014-2015 which totalled 13.9 million accounts.
Super is considered lost when an account is unable to contact the individual or hasn’t received a contribution to an account for five years.
The ATO have shown the suburbs that have the most lost super in the country.
In New South Wales, the postcode of 2170, which covers Casula and surrounding suburbs, have the highest amount of lost super, with $37 million waiting to be claimed.
In Victoria, it’s 3030, which covers Werribee and surrounding suburbs, which has $35 million waiting to be handed over.
Queensland is a bit more regional, with 4740 having $49 million waiting to be snapped up. The postcode covers Mackay and surrounding suburbs.
New laws are in effect that means that any balances under $6,000 are transferred to the ATO and stored until claimed.