$8 million in super waiting to be claimed in Katherine

CLAIM IT: People in the northern suburbs of Darwin led the territory in reducing their lost and unclaimed super balance by over $4.5 million in 2017-18.
CLAIM IT: People in the northern suburbs of Darwin led the territory in reducing their lost and unclaimed super balance by over $4.5 million in 2017-18.

More than $200 million in superannuation sits unclaimed in the Northern Territory. 

The massive pot of superannuation savings is spread across more than 48,000 accounts, with one holding $690,000. 

In Katherine’s 0850 postcode area, nearly $8 million is sitting idly, slowly being eroded by fees. 

Assistant Commissioner Graham Whyte said the new postcode data released by the Australian Taxation Office (ATO) shows people it is time to reconnect with their lost super

“We’re determined to help people find their super and I’m pleased to say that in the past financial year more than $38 million was consolidated into active super accounts by residents of the Northern Territory, giving their retirement savings a welcome boost,” Mr Whyte said.

The data showed for Tennant Creek residents, in the last financial year the lost and unclaimed amount of superannuation owing to them had increased by more than $500,000.

Mr Whyte said people can lose contact with their super funds when they change jobs, move house, or simply forget to update their details.

“It’s important to remain engaged with your super fund through all stages of your career, not just when you are ready to retire,” he said. 

“The data also reveals that more than a third of Australians still hold two or more super accounts.

“While we know that some people intentionally maintain a number of accounts, many are unaware that their super may be sitting in multiple accounts and possibly being eroded by fees,” My Whyte said. 

Linking your myGov account to the ATO provides a simple way to view your super account details to stay on track, Mr Whyte said. 

“Tax time is a great time for individuals to check up on their super, particularly if they plan on doing their own tax return using myTax.”

For information on how to manage your super and view all your super accounts including lost and unclaimed super, visit ato.gov.au/checkyoursuper

To find out how much lost super is in your postcode and to see other superannuation statistics visit ato.gov.au/lostsuper

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