Free money

Hundreds of Tenterfield residents may have more money than they thought.
Hundreds of Tenterfield residents may have more money than they thought.

There are 581 residents in the 2372 postcode with lost superannuation funds totalling $1,777,075. Given the high proportion there’s a good chance you’re among them.

Deputy Prime Minister and Member for New England Barnaby Joyce is encouraging residents to check if they have lost or unclaimed superannuation, with the Australian Taxation Office (ATO) announcing its latest figures.

As at 30 June this year, there were more than 6.3 million lost and ATO-held super accounts worth almost $18 billion. Mr Joyce’s New England electorate accounts for more than 12,000 unclaimed and lost accounts worth $49 million.

“It can be easy for people to lose contact with their superannuation,” Mr Joyce said.

“They might start a new job and take on a new super account or move addresses and not update their details. But this superannuation is important to help people secure their long-term financial futures.

“I encourage everyone to log onto the ATO website to check if they have any unclaimed super.”

The shoutout comes on the back of a package of superannuation reforms introduced by Revenue and Financial Services minister Kelly O’Dwyer, promising to deliver a strong, modern superannuation system. This includes legislation to extend choice of fund to workers under enterprise bargaining agreements or workplace determinations.

“Our 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,” Ms O’Dwyer said.

“This will help to reduce the number of multiple accounts which inevitably lead to unclaimed and lost superannuation.”

These days the process to find lost super starts by setting up an online myGov account and linking to the ATO, where all super accounts attached to you will be listed. From there, lost super can be rolled over into a super account of your choice.

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