Dubbo residents have more than $26 million in lost and unclaimed superannuation.
Federal Member for Parkes Mark Coulton is urging people with addresses that end with the postcode 2830 to try to retrieve the money.
Australian Taxation Office (ATO) data as of June 30 this year shows the postcode has 1031 lost superannuation accounts valued at $22,393,510. The number of unclaimed superannuation accounts as of June 30 was 4801, valued at $3,823,891. The total number of lost and unclaimed superannuation accounts for the postcode 2830 was 5832, valued at $26,217,401.
Across Australia there is almost $18 billion that has been lost or unclaimed, with NSW the state or territory with the most at more than $5.03 billion.
“There are many ways people can lose contact with their superannuation, including changing jobs, which may force them into a new superannuation fund, moving homes, or not updating their details with their superannuation fund,” Mr Coulton said. “I encourage everyone to log onto the ATO website to check if they have any unclaimed superannuation.”
The federal government has introduced a package of reforms with a promise it will deliver a “ strong and modern superannuation system”. It is “solely focused on delivering outcomes for all Australian super fund members who rely on these funds to secure their retirement”.
Mr Coulton has welcomed legislation to extend choice of funds to workers under enterprise bargaining agreements or workplace determinations.
“The changes will ensure more than one million workers have the right to choose their own superannuation fund if they are currently prevented from doing so because of enterprise bargaining agreements or workplace determinations,” he said. “This will help to reduce the number of multiple accounts which inevitably lead to unclaimed and lost superannuation.”
For more information or to find out how to claim lost superannuation, visit www.ato.gov.au/checkyoursuper.