Business

$41m of superannuation not claimed by Gladstone workers

GLADSTONE workers are missing out on more than $41 million in lost superannuation, which includes more than 4900 lost accounts with an average value of $8295.

The Australian Taxation Office is also reporting that many people in Gladstone's surrounding areas also have lost super to find, with residents in Agnes Water leaving more than $2 million sitting in 325 accounts.

Compared with other states, Queensland has the third highest amount of lost super, totalling more than $3 billion.

Westpac Gladstone senior financial planner Deon Richardson said the accounts were likely to belong to younger people who didn't have a hold on their superannuation, as they were more transient in their working life and focused on paying down debt rather than securing their retirement.

"A lot of those lost funds are held by younger people," he said.

"Many people currently getting close to retirement age now have been in one job for quite a number of years."

He said superannuation was essential for retirement.

"It's quite a substantial amount of people's retirement funds," he said.

"These days many people look at utilising their retirement savings and use it as an income stream to supplement and maintain their lifestyle."

Mr Richardson said there were many ways to enhance long-term returns, including co-contributions and tax incentives for the working spouse to supplement their partner's super while they are at home looking after children.

"There are a lot of tools on various websites that help people in how to invest properly, consolidate to save on fees and grow a nest egg with one lump sum," he said.

"People are more aware of it now than 10 years ago, potentially with accounts getting bigger. The best advice I can give anyone is to talk to a professional. It doesn't need to be me or one of my colleagues, but someone from a reputable organisation."

Since May 31 last year, any lost superannuation of up to $2000 is transferred to the ATO, which holds the money until you claim it, to protect it from being eroded by fees and charges.

The ATO will also pay interest at a rate equivalent to the consumer price index when you reclaim the savings.

Topics:  australian taxation office business gladstone superannuation



How to do Eat Street the right way

EVERYTHING you need to know to get the most out of your Eat Street experience and to avoid a food coma when you’re only one stall deep.

Don’t go chasing waterfalls…find them on these drives!

The Scenic Rim is just one place nearby that you'll love.

BRISBANE isn’t all bright lights and city slickers.

Science Festival seriously awesome

Don't miss the World Science Festival Brisbane!

CALLING everyone who wants to see something totally cool.

Drink where the cool kids do this summer

There are a bunch of new bars open in Brisbane, make sure you're there!

CHECK out these new funky bars.

Discover Brisbane’s laneway gems

Brisbane's laneways will surprise you.

NOT all of Brisbane City is as it seems…

Top five things to experience this summer in Brisbane

Tangalooma is amazing if you're keen for a dive, kayak or swim.

THIS summer get out and explore your capital city.

Your boots are made for walking these tours

Brisbane Greeters tours are a great way to learn the local history of the city.

YOU don’t need a bike or bus for a seriously good tour of Brisbane.

'Unclaimed': Huge property company owes local man cash

TOUGH SLOG: Gladstone's much-loved seniors are being forced to re-locate, away from Gladstone.

MAJOR Australian property company wants to speak with Gladstone man.

'Loving': Heartfelt tribute to iconic Gladstone woman

REST IN PEACE: Fay Owens, well-known Gladstone woman was paid tribute to in parliamentby Glenn Butcher.

SILENCE as prominent politician recalls life of a Gladstone woman.

'Anything for jobs': Mayor wants major department in Gladstone

Photo Mike Richards / The Observer

"EVERYTHING and anything if it will create jobs for the region."

Local Partners

Living End, Grinspoon stars hit stage for American Idiot

GET a sneak peek at Green Day's American Idiot The Musical as we go behind the scenes to meet the stars at a QPAC rehearsal.

Samuel L Jackson dismisses La La Land ahead of Oscars

Ryan Gosling and Emma Stone in a scene from the movie La La Land.

Hollywood actor and Oscars voter says Denzel should win top gong

Live performance of Sci-fi classic to open Science Festival

Qld Symphony Orchestra perform live to 2001: A Space Odyssey.

Festival will host A Live Presentation of 2001: A Space Odyssey.

Former Family Matters stare accused of child abuse

Reginald VelJohnson, left, and Darius McCrary arrive at the TV Land Awards on Sunday, April 19, 2009 in Universal City, Calif.

Darius McCrary has been accused of child abuse

Bindi Irwin's birthday tribute to her dad

Bindi Irwin

Bindi Irwin has paid tribute to her dad on his 55th birthday

Reality TV show gives Maryborough a boost

*WARNING EMBARGOED until 9.15pm Monday January 30* Sean Hollands and Susan Rawlings pictured after their wedding on the TV series Married At First Sight. Supplied by Channel 9.

Maryborough looks good on reality TV show.

72 hours of things you can't miss in the Gladstone region

The Screaming Jets are making their way to Gladstone in 2017.

YOU CAN'T miss these things to do in the Gladstone region.

Gladstone's 20 cheapest properties on the market, all under $150K

DIRT CHEAP: 5/239 Sun Valley Rd, Kin Kora is selling for $140,000

PROPERTY sellers drop prices as houses and units sell for bargains.

$140k damage: landlord says property trashed, contaminated

He had what he calls "the tenants from hell"

Submarine, buses and 3000 tyres removed in $100K clean up

The list of things removed from this property is beyond astonishing

Popular island resort sells to loaded international investor

OUR PICK: Chris Foey's colourful shot of one of Gladstone's great tourism hot spots, Heron Island.

International investor snaps up piece of Gladstone paradise.

Ready to SELL your property?

Post Your Ad Here!