According to ATO data released in August 2016, $11.7bn is sitting in lost super accounts. Super is considered ‘lost’ when a fund is unable to contact the individual and hasn’t received a contribution to an account for 5 years.
The ATO reports that the postcode with the highest amount of lost super, totalling $49m, is the 4740 postcode in Queensland, which covers Mackay and the surrounding suburbs. In our region lost super amounts are $8.7m for Armidale, $15.8m for Tamworth and $2.2m for Glen Innes.
The ATO is encouraging people to check to see if they have lost super during tax time. You can check for lost super on the ATO website here.
Link to ATO website: https://www.ato.gov.au/Individuals/Super/In-detail/Keeping-track/Check-your-super/