Did you know that in Australia, there is approximately $1.5 billion in lost shares, investments, bank accounts and life insurance.
How does money become ‘lost’?
When you move house or don’t update your contact details with a bank or other type of financial institution or other company, or when mail is returned to sender you can be marked on their books as a ‘lost’ customer.
After a period of time, this unclaimed money is sent to the Commonwealth of Australia Consolidated Revenue Fund. It is available to be claimed at any time by the rightful owner and there is no time limit on claims.
7 Years is a Magic Number!
How much time has to pass before money is considered unclaimed? The answer depends upon the type of account.
Bank accounts become unclaimed after 7 years if the account is deemed inactive through no deposits or withdrawals.
Life insurance policies become unclaimed 7 years after the policy matures and is not claimed.
How do you check?
You can check if there is any unclaimed money in your name through the government’s Unclaimed Money Search using the link here:
https://moneysmart.gov.au/find-unclaimed-money
Checking by State
There are also state-based websites available where you can search for unclaimed money.
NSW: https://www.revenue.nsw.gov.au/unclaimed-money/search-and-make-a-claim
QLD: https://www.pt.qld.gov.au/other-services/unclaimed-money/search-unclaimed-money/
VIC: https://www.sro.vic.gov.au/unclaimed-money
TAS: Tasmania does not have a search function, however you can make a claim here: https://www.treasury.tas.gov.au/budget-and-financial-management/guidelines-instructions-and-legislation/unclaimed-money-guidelines
SA: https://www.treasury.sa.gov.au/Our-services/unclaimed-money/search-for-unclaimed-money
WA: https://www.wa.gov.au/service/business-support/business-accounting-and-reporting/unclaimed-money
ACT: https://www.ptg.act.gov.au/unclaimed-money
NT: https://treasury.nt.gov.au/dtf/territory-revenue-office/unclaimed-money
Think you’ve lost touch with some superannuation?
You can also search for lost superannuation here:
https://www.ato.gov.au/forms/searching-for-lost-super/
Get online and check to see whether you have any money out there that belongs to you!
