Lost and unclaimed super can include money spread across long-forgotten super accounts, and small balances that have been transferred by super funds to the Australian Taxation Office (ATO).
If you’ve changed your name, moved jobs, or changed address and forgotten to update your details with your super fund, you may have super that you’ve lost track of.
When this happens, your account may be deemed ‘inactive’. By law, a super fund may then be required to transfer the balance of your account to the ATO, where it becomes ‘unclaimed super’. The ATO will try to consolidate that money into another active super account that you have.
According to the ATO, approximately 2.3 million accounts worth $3.7 billion were transferred by the ATO to active super accounts from November 2019 to the end of February 2021.
With billions of dollars still left to be claimed by its owners, the ATO has compiled a list of the top 10 postcodes around Australia with the highest amount of lost and unclaimed super as at 30 June 2020.