TOOWOOMBA’S MISSING MILLIONS: Finding lost super and unclaimed money

Australia has billions of dollars in lost super and unclaimed money – and over $45 million is in Toowoomba.  Do you have an inheritance you never knew about, or a high school bank account you’ve forgotten about?  Let us help you find out!

The Australian Taxation Office reports that more than $45 million in lost super exists in Toowoomba accounts , which places the Garden City third on the list for Australia.

Superannuation becomes lost when people change jobs, move addresses or get married.  These life changes can also result in unclaimed money – money from lost bank accounts, shares, investments and life insurance policies.

Bank accounts become unclaimed after 7 years if the account is inactive (no deposits or withdrawals).  Life insurance policies become unclaimed 7 years after the policy matures and is not claimed.

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Ensuring that you have claimed any super or money that is rightfully yours is one of the easiest ways to better secure your retirement savings.  Both lost super and unclaimed money are easy to recover.

HOW TO RECLAIM LOST SUPER

Fortress can help you search for lost super and consolidate your superannuation accounts to ensure you are not paying multiple fees.  Make an appointment with us to organise your super, or head to the ATO’s website for more information.

HOW TO SEARCH FOR UNCLAIMED MONEY

Unclaimed money received by ASIC is transferred to the Commonwealth of Australia Consolidated Revenue Fund but is available to be claimed at any time by the rightful owner and there is no time limit on claims.

You can search for any unclaimed money on ASIC’s MoneySmart website.

Money from deceased estates, dividends and other sources can also be held by various state governments.  Find your state on the ASIC website (or head here to search the Public Trustee of Queensland).

If you would like help locating your lost super or unclaimed money, book an obligation-free appointment online or give us a call on 07 4646 4970.  Fortress can help ensure all your superannuation is consolidated and invested in a way that make sense for your retirement goals.

 

Written by Emma Linton Doig, Practice Officer at Fortress Financial Solutions.


  1. Statistics compiled by Westpac.  Retrieved 22 May 2017: https://www.thechronicle.com.au/news/hot-spot-toowoomba-has-45m-lost-super/3180587/

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