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



Date nights under $50

ACCORDING to The Bachelor falling in love involves helicopter rides, private jets, shopping trips, and we mustn’t forget the hot tubs.

Brisbane's arts and culture events centre stage

You loved the film, now you're about to love the musical. Don't miss The Bodyguard The Musical in Brisbane this July.

THE arts and culture events you don't want to miss.

Homewares stores to fulfil your Instagram dreams

No Caption

You too can become an Insta-star with these fab stores.

Top 10 Brisbane experiences to cross off your bucket list

Do yourself a favour and get amongst the food truck scene. Eat Street is a great place to start.

A GOOD bucket list doesn’t have to span continents or cost millions.

Six mega sporting events you need to be at this year

Don't miss all the action trackside this season.

IF THERE is one thing Brisbane does damn well, it’s play host.

Insider’s guide to the best rooftop bars

Eleven Rooftop Bar is one to put on your hit list.

SEE the world from a different perspective...

Where to get your hands on the best wings

Try out these bad boys at Buffalo Bar.

IS THERE anything better than a wicked bowl of chicken wings? Nope.

What would you do, go for a local company or cheaper quote?

Paulette and Owen Lindley with their crew in just one of the grounds they maintain on a volunteer basis.

Debate over going local or going cheaper

Man airlifted after leg crushed in tractor incident

A 58-year-old male was airlifted yesterday after a light machinery accident at Kroombit Tops National Park.

A 58-year-old man was airlifted after a machinery accident

Teen, 19 threatens to call cops when dad gets physical with girlfriend

Generic stock photo domestic violence.  Photo Contributed

A GLADSTONE man has been told to leave a 7-year toxic relationship

Local Partners

Better phone service for Gladstone's regional towns

Telstra: "This technology is delivering big benefits to these rural and regional communities”


Win a $1000

GROCERY GIFT CARD!
Learn More

What to expect at Birds of Tokyo's Ipswich gig

The band will perform at the Racehorse Hotel on Friday.

BAND member Glen Sarangapany talks music, pub grub and doing shoeys

What public holidays are left in 2017

Ipswich residents will get the day off tomorrow for the show.

IPSWICH residents will get tomorrow off for the show

Caitlyn comes home to launch debut album

Gympie's Caitlyn Shadbolt will launch here debut album Songs On My Sleeve at an exclusive all-ages concert in Gympie on Friday, May 26.

Win tickets to Caitlyn's album launch

Rebel Wilson says she didn’t have to lie to make it

I’M not glamorous, but that doesn’t make me a liar: that’s the message from Rebel Wilson on her second day in the witness box.

All bets on Judah to win battle to become the Voice

Judah Kelly from The Voice.

Judah Kelly is the clear favourite to win the competition.

Kim Kardashian slammed over Manchester tribute

Kim Kardashian's tribute to Manchester didn't go down well

Top Gun 2 movie is happening, Tom Cruise confirms

Tom Cruise in a scene from the movie Top Gun.

TOM Cruise delights fans with announcement on Sunrise.

The first Baywatch movie reviews are in

From left, Jon Bass, Alex Daddario, Zac Efron, Dwayne Johnson, Kelly Rohrbach, and Ilfenesh Hadera in a scene from the movie Baywatch.

Critics were less than impressed.

Boyfriend loses it over sex lie

Stacey Louise’s sex lie destroys her relationship.

SEVEN Year Switch’s Stacey told a fib about her sex life.

Why Crowe’s thankful for those ‘bulls**t’ rumours

Russell Crowe and Terri Irwin in 2007.

Crowe and Terri Irwin have been dodging dating rumours for years now

How Toowoomba house prices compare in Australia

For sale sign in front of home.

Here's what $700,000 will buy you in Toowoomba, Brisbane and Sydney

One of Maryborough's most historic homes is still for sale

FULL OF HISTORY: Trisha Moulds is owner of the historic Tinana state known as Rosehill. The beautiful home is currently for sale.

It has been the scene of both joy and tragedies over the years.

New tool reveals which areas are most 'vulnerable' for renters

An aerial shot of Agnes Water main beach. According to new information, people renting in the region are more vulnerable than those in Gladstone suburbs.

Big differences between living in Gladstone and outer areas

The face of the Sunshine Coast's overpriced rental crisis

Alyx Wilson had to rent a $385 unit in Currimundi because the market was too competitive for cheaper rental housing. She is now renting a room from friends who own a house in Currimundi, and says its much more affordable.

Young people feel the strain in competitive, expensive rental market

Ready to SELL your property?

Post Your Ad Here!