$2.8 million worth of lost super on Kangaroo Island

Kangaroo Island. Image Google Earth
Kangaroo Island. Image Google Earth

New postcode data released by the Australian Taxation Office shows people on Kangaroo Island have more than $2.8 million in lost or unclaimed superannuation.

The 5223 Kingscote post code has the most lost or unclaimed super at $2,206,292, followed by 5222 eastern KI postcode at $317,027, then 5520 Parndana at $161,444 and finally 5221 American River at $131,153. 

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

ATO assistant commissioner Graham Whyte said now was the time for South Australians to reconnect with their lost super, which was 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