MONEY: Fraser Coast missing out on $44 million in lost super
THE Fraser Coast is missing out on millions, due to lost or unclaimed superannuation accounts.
According to figures released by the Australian Taxation Office, more than $44 million in super is unaccounted for on the Fraser Coast.
That includes more than $29 million in Hervey Bay, $14 million in Maryborough and $414,000 in Torbanlea and surrounding districts.
In Maryborough a total of 3902 accounts were lost or unclaimed, while in Hervey Bay there were 7709 accounts.
In Torbanlea, 129 accounts were either lost or unclaimed.
ATO Assistant Commissioner, Graham Whyte said one of the ATO's priorities was to reunite people with their lost superannuation.
"We're determined to help people find their super and I'm pleased to say that in the past financial year more than $3 billion was consolidated into active super accounts across the country," he said.
People often lost contact with their super funds when they changed jobs, moved house, or simply forgot to update their details, he said
"We know that more than a third of Australians still hold two or more super accounts. While some people intentionally maintain multiple accounts, a lot of people are unaware of this, and that their super is possibly being eroded by fees.
Fraser Coast residents who think they may have lost or unclaimed super are encouraged to make it a priority sooner rather than later.
"Our advice is to remain engaged with your super fund through all stages of your career, not just when you're ready to retire," Mr Whyte said.