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  • $3.5 billion in super waiting to be found in Victoria

    New postcode data released by the Australian Taxation Office (ATO) shows people in Glen Waverley and Wheelers Hill led the state in reducing their lost and unclaimed super balance by over $4.8 million in 2017-18.

    Assistant Commissioner Graham Whyte said now is the time for Victorians to reconnect with their lost super which is spread across the state in more than 630,000 accounts.

    “We’re determined to help people find their super and I’m pleased to say that in the past financial year more than $690 million was consolidated into active super accounts by Victorians, giving their retirement savings a welcome boost,” Mr Whyte said.

    “Our data shows that one Toorak account has almost $1.5 million waiting to be found.”

    Residents in Melbourne’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 $2.7 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 VIC postcodes with the highest amount of lost and unclaimed super

    Ranking

    Postcode

    Main areas

    Total amount

    difference from last year

    1

    3030

    Werribee and surrounds

    $56,665,113

    $446,895

    2

    3029

    Hoppers Crossing and surrounds

    $43,761,841

    -$632,894

    3

    3977

    Cranbourne and surrounds

    $42,895,651

    -$1,523,422

    4

    3199

    Frankston

    $34,688,922

    -$3,393,312

    5

    3023

    Cairnlea and surrounds

    $33,544,124

    -$99,486

    Top five VIC postcodes that have reduced lost and unclaimed super

    Ranking

    Postcode

    Main areas

    Total amount

    Reduction from last year

    1

    3150

    Glen Waverley and surrounds

    $32,798,149

    -$4,841,690

    2

    3058

    Coburg

    $25,893,392

    -$3,928,562

    3

    3350

    Ballarat and surrounds

    $28,349,745

    -$3,910,896

    4

    3149

    Mount Waverley

    $20,490,702

    -$3,816,693

    5

    3199

    Frankston

    $34,688,922

    -$3,393,312

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

    Ranking

    Postcode

    Main areas

    Total amount

    Increase from last year

    1

    3000

    Melbourne CBD

    $26,451,944

    $2,717,023

    2

    3122

    Hawthorn

    $17,624,349

    $1,916,631

    3

    3207

    Port Melbourne

    $18,088,317

    $1,361,503

    4

    3551

    Bendigo and surrounds

    $17,463,054

    $1,323,956

    5

    3188

    Hampton

    $15,418,194

    $1,232,428

    Last modified: 11 Oct 2018QC 56998