Based on report prepared by the Australian Taxation Office (ATO) 45% of Australians have two or more superannuation accounts. That amounts to approximately 6.3 million Australians.
More disturbing is the statistics that there were 665,300 accounts that the superannuation fund has lost contact with the member.
The ATO Assistant Commissioner of Superannuation, John Shepherd stated “young people are often mobile in the workforce and it is not uncommon to open a new account when they start a new job, instead of taking their preferred fund account with them”.
They might also have superannuation accounts which they have lost track of, for example, they may not have updated their contact details with their superannuation provider when they moved house” he said.
These 665,300 accounts represent $5.8 billion.
Should you require assistance in locating your lost superannuation, please contact Peter Quinn by submitting an online enquiry or calling us on +61 2 9580 9166 to book an obligation free appointment.
The information in this document does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.