More than $44.8M of lost super in the North Burnett
THE latest figures from the ATO have revealed there is more than $44.8 million in lost and unclaimed super in the North Burnett.
QSuper Member Experience chief Jason Murray said residents in the region could have thousands of dollars in accounts held by the ATO, and potentially more money sitting in older super funds if they had changed jobs numerous times.
“I urge them to do a quick super health check over the Christmas break to find and consolidate all of the money they rightfully own,” Mr Murray said.
He said money in multiple super fund accounts meant multiple fees and potentially insurance premiums eating into future incomes.
“The Productivity Commission estimated that the fees associated with holding multiple accounts could mean 6 per cent less to spend in retirement.
“For example, a 21-year-old on a $50,000 full-time starting salary could end up losing over a years’ worth of pay by age 67 if they have multiple accounts over their working life.”
While money held by the ATO wouldn’t incur any charges, Mr Murray said it wouldn’t benefit from investment earnings higher than the rate of inflation.
“You can either set up a MyGov account and link it to the ATO to find all of your accounts or give your current fund permission to do it for you,” Mr Murray said.
“You don’t need your previous member details, just your Tax File Number.”
The ATO data shows Queensland residents are missing out on $2.8 billion in super.