With the latest reports of there being $20.8 billion in lost and unclaimed super across Australia (30 June 2019) according to the ATO and $1.1 billion in unclaimed bank accounts, shares, investments and life insurance policies according to ASIC, it is definitely worth taking a look to see if you are entitled to any of this unclaimed money!!
So what is unclaimed money?
Unclaimed money is money from lost bank accounts, shares, investments and life insurance policies. This money becomes lost when you move house and don’t update your details with a financial institution or company.
Unclaimed money received by ASIC is transferred to the Commonwealth Consolidated Revenue Fund.
If you are the rightful owner you can make a claim any time - there is no time limit.
Bank accounts become unclaimed after 7 years if the account is inactive ie there have been no deposits or withdrawals. Life insurance policies become unclaimed 7 years after the policy matures and there has not been a claim.
Where you can check for unclaimed money and claim it back
ASIC is responsible for unclaimed bank accounts and life insurance. To search the online register go to: Find unclaimed money
State governments are responsible for holding unclaimed money from a number of sources such as from deceased estates, share dividends, salaries and wages, cheques, trust money, over-payments and proceeds of sale. To search the various online state registers go to Money held by state governments.
Australian Taxation Office has details of lost super accounts. For further information about lost super go to Check your super.
The FairWork Ombudsman collects unpaid wages for employees who have left a business and can't be contacted. Unpaid wages may come about following an audit of that business that found one or more former employees were underpaid. To search for unpaid wages go to Search for unpaid wages.
It only takes a few minutes of your time to checkout these searches, so jump online and see what you can find!!
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