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  • $4.9 billion in super waiting to be found in NSW

    New postcode data released by the Australian Taxation Office (ATO) shows people in Randwick and Clovelly led the state in reducing their lost and unclaimed super balance by over $4 million in 2017-18.

    Assistant Commissioner Graham Whyte said now is the time for NSW residents to reconnect with their lost super which is spread across the state in more than 916,000 accounts.

    “We’re determined to help people find their super and I’m pleased to say that in the past financial year more than $969 million was consolidated into active super accounts by residents in NSW, giving their retirement savings a welcome boost,” Mr Whyte said.

    “Our data shows that one account registered in Kallara has more than $2.2 million waiting to be found.”

    Residents of North Rocks and North Parramatta in particular should jump on myGov and check their super, as in the last financial year the lost and unclaimed amount owing to them has increased by more than $2 million.

    Mr Whyte said people can lose contact with their super funds when they change jobs, move house, or simply forget to update their details.

    “It’s important to remain engaged with your super fund through all stages of your career, not just when you are ready to retire.

    “The data also reveals that more than a third of Australians still hold two or more super accounts.

    “While we know that some people intentionally maintain a number of accounts, many are unaware that their super may be sitting in multiple accounts and possibly being eroded by fees.

    “Once you have linked your myGov account to the ATO, you can view all your super account details, including any that have been lost or forgotten about, and consolidate your accounts with just a few clicks.

    “Tax time is a great time for individuals to check up on their super, particularly if they plan on doing their own tax return using myTax.”

    The ATO advises anyone who wishes to consolidate their accounts but is concerned about issues such as insurance linked to their accounts, to contact their super fund.

    For information on how to manage your super and view all your super accounts including lost and unclaimed super, visit ato.gov.au/checkyoursuper

    To find out how much lost super is in your postcode and to see other superannuation statistics visit ato.gov.au/lostsuper

    Top five NSW postcodes with the highest amount of lost and unclaimed super

    Ranking

    Postcode

    Main areas

    Total amount

    difference from last year

    1

    2170

    Liverpool and surrounds

    $59,192,322

    $132,752

    2

    2560

    Campbelltown and surrounds

    $50,193,212

    -$883,781

    3

    2010

    Surry Hills and Darlinghurst

    $45,659,021

    $586,682

    4

    2000

    Sydney CBD

    $44,048,306

    $1,814,946

    5

    2026

    Bondi

    $43,288,168

    -$1,153,916

    Top five NSW postcodes that have reduced lost and unclaimed super

    Ranking

    Postcode

    Main areas

    Total amount

    Reduction from last year

    1

    2031

    Randwick

    $35,018,581

    -$4,034,746

    2

    2289

    Kotara and surrounds

    $9,642,863

    -$2,378,888

    3

    2009

    Pyrmont

    $13,480,055

    -$2,255,423

    4

    2049

    Petersham and Lewisham

    $14,413,551

    -$2,232,971

    5

    2567

    Narellan and surrounds

    $24,934,665

    -$2,228,924

    Top five NSW postcodes with the largest increase in lost and unclaimed super

    Ranking

    Postcode

    Main areas

    Total amount

    Increase from last year

    1

    2151

    North Rocks, North Parramatta

    $16,201,728

    $2,091,765

    2

    2000

    Sydney CBD

    $44,048,306

    $1,814,946

    3

    2154

    Castle Hill

    $25,252,863

    $1,747,269

    4

    2830

    Dubbo

    $27,943,441

    $1,726,040

    5

    2041

    Balmain and Birchgrove

    $23,646,005

    $1,652,004

    Last modified: 11 Oct 2018QC 56998