Unclaimed Super

Over $860 million worth of superannuation was found and consolidated by taxpayers in the last quarter of 2018, but more than $17.5 billion remains unclaimed.

New data from the ATO from October to December 2018 showed that more than 66,000 taxpayers found and consolidated over 105,000 accounts worth more than $860 million.

The funds were connected via ATO online accessed through myGov.

Assistant commissioner Graham Whyte said that while the latest figures are encouraging, there was still over $17.5 billion in lost and unclaimed super.

“Tidying up seems to be a hot topic at the moment, so before you spend too much time re-organising your sock drawer and kitchen cupboards this summer, take a few minutes to tidy up your superannuation. Seeing the extra money in your consolidated superannuation will definitely spark joy,” Mr Whyte said.

According to the ATO, NSW was leading the way in consolidating super accounts.

Previous Tax Office data showed that NSW led the with $4.9 billion waiting to be found, followed by $3.5 billion in Victoria, $3 billion in Queensland, $1.7 billion in Western Australia, $870 million in South Australia, $289 million in the ACT, $218 million in Tasmania, and $201 million in the NT.

The latest figures follow $420 million of super that was found and reclaimed in 2017–18.


Source: Accountans Daily


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