WARRNAMBOOL residents have more than $12 million in lost superannuation waiting to be recovered according to the Australian Taxation Office.
That figure includes 2400 lost accounts with an average value of almost $5000.
Many people in the south-west also have lost super to find, with residents in the nearby postcode of 3282, including the Koroit area, having over $1 million in lost super across 175 accounts.
Deputy Commissioner for superannuation Neil Olesen said reforms to super were making it easier for people to manage and keep track of their super.
As part of the reforms, the ATO’s free search facility SuperSeeker has been improved to make it easier for people in Warrnambool to find their lost and inactive accounts. “While more Australians have successfully reclaimed lost super recently, there’s still plenty out there for people to find,” he said.
“SuperSeeker can help people to not only find lost super, but move money sitting in inactive accounts to one fund and save on fees and charges,” he said.
One of the best ways people in Warrnambool can avoid having lost super is to make sure their super fund has their TFN.
To take full advantage of these changes people should check they have provided their TFN to their super fund, which is indicated on their super fund member statement.
Another way people can avoid lost super is by making sure they provide their TFN to their employer when they start a new job.