Ballarat residents have more than $7 million in lost superannuation just waiting to be found, according to the Australian Tax Office.
The ATO say the money is “missing” from 1100 lost accounts with an average value of $6510.
Many in Ballarat’s surrounding areas also have lost super to find, with residents in the nearby postcode of 3351 having over $3.5 million in lost super across 654 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.
He said the free search facility SuperSeeker has been improved to make it easier for people in Ballarat 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.”
The ATO say one of the best ways people in Ballarat can avoid having lost super is to make sure their super fund has their Tax File Number.
Changes have been made to the use of TFNs by super funds, making it easier to keep track of and transfer super and to find any lost super or super the ATO holds on a person’s behalf.
Another way to avoid lost super is by providing TFN to employers when starting a new job.
The changes are progressively coming into place over the next seven years and include:
- If you earn $37,000 or less per year, you may be eligible to receive a boost to your super of up to $500 annually.
- From July 1 2013, the compulsory super rate will increase progressively over six years to 12 per cent and the upper age limit for compulsory super is being removed. For information, contact your super fund.