QSuper calls on people in Jimboomba and surrounding areas to cash in on lost, unclaimed superannuation

AUSTRALIAN Tax Office figures have revealed people living in Jimboomba and surrounding areas have more than $135 million of lost and unclaimed super.

 People living in Jimboomba are missing out on more than $11 million in lost and unclaimed super.

People living in Jimboomba are missing out on more than $11 million in lost and unclaimed super.

A QSUPER analysis of 11 postcodes covering Logan suburbs like Browns Plains, Waterford, Tamborine, Park Ridge, Yarrabilba, Jimboomba and parts of Ipswich, Scenic Rim and the Gold Coast showed there was $135,484,611 worth of missing superannuation.

QSuper's chief of member experience Jason Murray said there was still time for thousands of people to take stock of their missing superannuation for a New Year savings boost.

"Locals could have thousands of dollars in accounts held by the ATO, and potentially more money sitting with old super funds if they have changed jobs numerous times," Mr Murray said.

"I urge them to do a quick super health check over the Christmas break to find and consolidate all the money the rightfully own."

In the 4280 postcode, which includes Jimboomba, there are 2556 lost and unclaimed superannuation accounts worth $11,462,125.

The ATO showed a similar amount was missing from people living in the 4285 Beaudesert postcode with 2856 unclaimed or lost super accounts worth $11,222,676.

A breakdown of every Logan postcode shows there was $189,004,938 worth of lost and unclaimed super.

Mr Murray said said money left in multiple super fund accounts meant extra fees and insurance premiums would eat into future income.

"The Productivity Commission estimated that the fees associated with holding multiple accounts could mean sic per cent less to spend in retirement," he said.

"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."

Mr Murray said money held by the ATO would not incur charges, but also 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," he said.

"You don't need your previous member details, just you Tax File Number."

The ATO shows Queenslanders are missing out on $2.8 billion in superannuation.

A parliamentary inquiry earlier this year was told Australians were losing out on $6 billion worth super annually.

Comments