Do you know where all your Superannuation is?
You may recall earlier this year that Cairns was ranked as the second worst place in the State for lost funds. Do you have lost superannuation that you would like to find? There is no need to contact the Australian Tax Office as Cairns Wealth & Insurance, a branch of Cairns Home Loans, can do this for you. We make it easy. Be sure to contact our team today and ask to speak to Peter, Kathy or Cath and they will start the ball rolling.
The following was reported in the Cairns Post on 17 June, 2014:
More than $133 million of super has been lost or held by the Australian Taxation Office within the Cairns area, according to a report by Westpac.
Residents living in suburbs under the 4870 postcode can claim the state’s second highest amount of lost super, with a local pool of $60,377,05. Those living near Mackay (4740) have the lion’s share of lost funds, with $65 million waiting to be claimed.
Westpac’s 2014 Lost Super Report has detailed a total $18.2 billion in unclaimed and ATO-held super sitting in six million accounts nationwide.
The bank’s retail banking general manager Gai McGrath said many Australians were not getting the most out of their super.
“Many Australians could greatly benefit by finding their lost super as soon as possible,’’ she said.
“Lost super is money that you have worked hard for – money that can easily be found and can genuinely help you in your retirement.
“For someone in their 20s, $2500 in super today could amount to more than $22,000 by the time they retire.
“When you put it in these terms, you start to realise how much of an impact this money could actually have on your financial future.”
Lost super tends to result from when a person changes their job, address, or name and forgets to provide updated details to their super fund, according to the ATO.
The office keeps a lost members’ register of the names of people who have been reported by their funds as having a lost super account.
“An account is deemed as lost when a super fund has lost contact with a member and has not received any contributions for 12 months, or the member is inactive and the fund has not received a contribution within the last five years,’’ an ATO spokesman said.
Generally, super becomes unclaimed when a member has an account balance below $200 or is no longer receiving contributions; when a person has reached 65 years of age and not accessed the account; is deceased, or a former temporary resident who has departed Australia.
Source: Cairns Post
136 Mulgrave Road
Cairns, Queensland, 4870
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