Mandurah residents have more than $43 million missing in superannuation, the highest amount in the state, according to new data.
The Mandurah postcode, 6210, has $43,997,603 total unclaimed super, in front of Coolbellup ($38,248,347), Wangara ($37,328,353) and Success ($35,676,660), according to Australian Tax Office figures.
However, Mandurah has also ranked third on top postcodes to reduce unclaimed super by more than $3.5 million, behind Joondalup ($4.3 million) and Success (4.6 million).
An ATO spokeswoman said they could not provide the highest sole lost Mandurah account, but said one Rockingham account had $1.5 million lost – waiting to be found.
Assistant Commissioner Graham Whyte said now is the time for West Australians to reconnect with their lost super spread across the state in more than 378,000 accounts.
He said people can lose contact with their super funds when they change jobs, move house, or simply forget to update their details.
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.Assistant Commissioner Graham Whyte
“It’s important to remain engaged with your super fund through all stages of your career, not just when you are ready to retire,” Mr Whyte said.
“The data also reveals 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.