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  • $870 million in super waiting to be found in South Australia

    New postcode data released by the Australian Taxation Office (ATO) shows people in Salisbury led the state in reducing their lost and unclaimed super balance by nearly $2 million in 2017-18.

    Assistant Commissioner Graham Whyte said now is the time for South Australians to reconnect with their lost super which is spread across the state in almost 160,000 accounts.

    “We’re determined to help people find their super and I’m pleased to say that in the past financial year more than $216 million was consolidated into active super accounts by South Australians, giving their retirement savings a welcome boost,” Mr Whyte said.

    “Our data shows that one Adelaide account has more than $1.7 million waiting to be found.”

    Residents in Adelaide’s CBD 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 $2.6 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 SA postcodes with the highest amount of lost and unclaimed super

    Ranking

    Postcode

    Main areas

    Total amount

    difference from last year

    1

    5108

    Salisbury and surrounds

    $20,355,705

    -$1,966,165

    2

    5162

    Morphett Vale and surrounds

    $16,134,621

    -$1,782,963

    3

    5114

    Smithfield and surrounds

    $16,103,602

    -$1,107,595

    4

    5290

    Mount Gambier

    $14,977,485

    $1,026,347

    5

    5000

    Adelaide CBD

    $14,230,870

    $2,619,661

    Top five SA postcodes that have reduced lost and unclaimed super

    Ranking

    Postcode

    Main areas

    Total amount

    Reduction from last year

    1

    5108

    Salisbury and surrounds

    $20,355,705

    -$1,966,165

    2

    5159

    Aberfoyle Park and surrounds

    $13,210,583

    -$1,920,175

    3

    5109

    Salisbury East and surrounds

    $9,538,893

    -$1,836,789

    4

    5162

    Morphett Vale and surrounds

    $16,134,621

    -$1,782,963

    5

    5113

    Davoren Park and surrounds

    $8,491,586

    -$1,638,102

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

    Ranking

    Postcode

    Main areas

    Total amount

    Increase from last year

    1

    5000

    Adelaide CBD

    $14,230,870

    $2,619,661

    2

    5290

    Mount Gambier

    $14,977,485

    $1,026,347

    3

    5355

    Nuriootpa and surrounds

    $4,783,757

    $717,759

    4

    5035

    Ashford and surrounds

    $3,778,551

    $642,192

    5

    5051

    Blackwood and surrounds

    $7,492,189

    $625,280

    Last modified: 11 Oct 2018QC 56998