Search for mystery taxpayer with $2m in unclaimed super

Millions of Australians have “lost” $17.5 billion in superannuation savings.

One NSW account holder has more than $2 million waiting to be claimed, The Australian Taxation Office says.

“Our data shows there are some large amounts still lost,” Assistant Commissioner Graham Whyte said on Friday.

One Australian has more than $2 million in unclaimed super waiting to be claimed, The Australian Taxation Office says. Source: AAP

In the last financial year, $420 million worth of super funds were reunited with their owners.

But there’s still $17.5 billion unclaimed.

Top 10 unclaimed super hotspots

The ATO has released a list of the top 10 postcodes with the highest amount of lost and unclaimed super:

  • 1. 4740, QLD – $60.1 million unclaimed
  • 2. 2170, NSW – $59.2mln
  • 3. 4870, QLD – $57.5mln
  • 4. 3030, Vic – $56.7mln
  • 5. 4350, Qld – $53.3mln
  • 6. 2560, NSW – $50.2mln
  • 7. 2010, NSW – $45.7mln
  • 8. 2000, NSW – $44.0mln
  • 9. 6210, WA – $44.0mln
  • 10. 3029, Vic – $43.8mln

Shorten eyes retail super fund trustees

The news comes after federal Labor leader Bill Shorten suggested financial regulators should be able to force bank-owned superannuation funds to appoint independent trustees.

The opposition leader told a conference in Melbourne there appeared to be a conflict between banks running super funds in the interests of members and generating profit for shareholders.