Residents living in Barker entitled to $77 million in unclaimed superannuation

SUPER: Barker MP Tony Pasin said residents can boost their super balance in only a few clicks. Photo: File image.
SUPER: Barker MP Tony Pasin said residents can boost their super balance in only a few clicks. Photo: File image.

About $13.8 billion in hard-earned wages is waiting to be claimed by Australians in the form of lost and unclaimed superannuation.

In the electorate of Barker alone, there is a total of $77 million of unclaimed super that residents may not even know they are missing.

Data released by the Australian Taxation Office (ATO) for the last financial year showed that the federal government's reforms reduced unclaimed super by $7 billion compared to June 30, 2019.

There are a number of reasons why workers may have lost or unclaimed super, which include the changing of one's name, moving jobs, changing address, forgetting to update super fund details.

Lost superannuation refers to inactive super fund accounts and ones that have lost contact with their fund member.

By law, the fund is required to transfer certain accounts to the ATO, which then becomes 'unclaimed super money'.

"By logging into MyGov, and checking for lost super with the ATO, in a few clicks you could boost your super balance," Member for Barker Tony Pasin said.

"Thanks to actions taken by the Morrison Government, $7 billion has already been reunited with workers, but with $13.8 billion still waiting it is worth taking the time to check."