Gladstone residents have $24 million in super sitting in 5283 unused accounts

“It’s easy to do a quick super check-up while you’re using the ATO’s online services through myGov.”

Queensland’s largest superannuation fund have revealed their top five tips for Gladstone residents to check when tax time rolls around.

Gladstone’s shocking tax time statistics have led one of Queensland’s largest superfunds to release its top five tips on how to maximise your return.

In recent data from QSuper, it was revealed Gladstone’s postcode (4680) was ranked fifth in Queensland top 10 postcodes with the most lost and unclaimed super, with $24 million sitting in 5283 unused accounts.

QSuper’s chief of member experience, Jason Murray, said the start of a new financial year was the ideal time to do an annual super health check.

Mr Murray said working residents should review their super when they receive their end-of-year income statement this month.

“It’s easy to do a quick super check-up while you’re using the ATO’s online services through

myGov,” Mr Murray said.

“After you have accessed and reviewed your income statement, click the super tab on the

ATO online home page to view your super fund details and employer contributions for the year.

“You’ll be able to see all of your super, including any old super fund accounts you may have

forgotten about as well as any money the ATO is holding for you.”

Latest Australian Taxation Office (ATO) figures revealed there was more than $26.3 million in lost and unclaimed super sitting in about 6000 unused accounts in Gladstone and the surrounding area.

Mr Murray said Gladstone residents could have thousands of dollars being held by the ATO, and potentially more money sitting with old super funds if they had changed jobs numerous times.

“Finding lost and unclaimed super and consolidating your accounts to take advantage of the

compound interest on a larger balance and fewer fees is a quick way to grow your retirement

savings this financial year,” he said.

“Reviewing your investment strategy to ensure it is appropriate for your age and stage of life

is another good financial new year resolution, as well as looking at ways you could save on

tax while contributing extra to your super in the year ahead.

“The annual caps on before and after-tax contributions increased from July 1 which will give

savers the option of adding even more to their super this year.”

Mr Murray said it was especially important for women, who generally retired with less due to

the gender pay gap and time out of the workforce, to review their super at least once a year

and talk to their super fund or financial adviser about ways to boost their balance.

QSuper member data shows Gladstone women aged 60-64 are retiring with, on average, a

balance of almost $259,000 while men in the region are retiring with more than $470,000.

QSuper’s five-step super check at tax time:

1. Find your super

If you have ever changed your name, address, job or lived overseas, you may have unintentionally lost track of some of your super.

Your lost or unclaimed super may be held by your super fund (as a lost member), or by the ATO.

Having more than one super account could mean you‘re paying multiple fees and charges which will reduce your retirement savings.

You can find and consolidate all your super into one account by using ATO online services through myGov.

2. Review your investments

Reviewing how your super is invested can make a big difference to your retirement.

Your investment choices may change over time.

What’s right for you at age 25 may not be right for you as you get closer to retirement and want to take less risk.

Do an annual review to consider the mix of each asset class that best suits your circumstances and talk to your super fund for advice.

3. Check your insurance

Many people have automatic life insurance cover inside their super.

If you have insurance, check the total benefits available to you and review your premiums.

Your premiums are paid from your super balance so make sure your cover is right for your current circumstances.

4. Claim a tax deduction

If you made any personal, after-tax contributions to your super last financial year you could claim a deduction and potentially boost your return this tax time.

Before you claim, check how much space you have left in your annual limits.

If you claim a tax deduction on an after-tax contribution it will be treated by your fund as a before-tax contribution and be subject to last year’s $25,000 concessional contribution cap.

You’ll also need to lodge a notice of intent to claim form with your super fund and receive an acknowledgment letter from your fund before you do your income tax return.

5. Add to your super

Once you have done your annual super check-up, look at ways to boost your super this financial year.

Thanks to the magic of compound interest, making small, extra contributions throughout your working life can make all the difference over time.

You can also make extra contributions from your pre-tax income by salary sacrificing or, if you’re on a low income or not working, get your spouse to make after-tax contributions on your behalf.