Walcha has more than $1.2 million in unclaimed super, Australian Tax Office figures show.
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Deputy Prime Minister Barnaby Joyce said with more than 310 unclaimed and lost accounts in Walcha; it’s important to check.
“It can be easy for people to lose contact with their superannuation,” Mr Joyce said.
“They might start a new job and take on a new super account or move addresses and not update their details.
“But this superannuation is important to help people secure their long-term financial futures.”
The total number of lost and unclaimed super accounts in Walcha is 317 worth $1,265,457.
Of that total 55 accounts worth a total of $911,382 are categorised as lost while another 262 unclaimed accounts are worth $354,074.
The Minister for Revenue and Financial Services Kelly O’Dwyer said the government had introduced a package of reforms that will deliver a strong and modern superannuation system that is solely focused on delivering outcomes for all Australian super fund members who rely on these funds to secure their retirement.
This includes legislation to extend choice for fund to workers under enterprise bargaining agreements or workplace determinations.
“Our changes will ensure more than one million workers have the right to choose their own superannuation fund if they are currently prevented from doing so because of enterprise bargaining agreements or workplace determinations,” Ms O’Dwyer said.
“This will help to reduce the number of multiple accounts which inevitably lead to unclaimed and lost superannuation.”
As at 30 June this year, there were more than 6.3 million lost and ATO-held super accounts worth almost $18 billion.
More than 12,000 of those unclaimed and lost accounts worth $49 million are in just a handful of New England postcodes.
For more information or to find out how to claim lost superannuation, visit www.ato.gov.au/checkyoursuper