Millions of Australians could unknowingly be sitting on a share of $2.3 billion in unclaimed money held by financial institutions. These funds, accumulated through forgotten bank accounts, shares, investments, and life insurance policies, are waiting to be claimed. Here’s how you can find out if you’re eligible and unlock this unexpected windfall.
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Where Does the Money Come From?
The Australian Securities & Investments Commission (ASIC) revealed the staggering amount of unclaimed funds, attributing it to inactive financial accounts.
- Common Reasons for Unclaimed Money:
- Moving house or overseas without updating financial institutions with new contact details.
- Forgetting about old bank accounts, shares, or life insurance policies.
- Being unaware of entitlements from investments or deceased estates.
Accounts or policies are deemed unclaimed if they have been inactive for seven years. However, there’s no time limit for claiming the funds, and interest has been accruing on unclaimed amounts since July 2013.
How the Process Works
When an account is classified as unclaimed, the funds are transferred to the Commonwealth of Australia Consolidated Revenue Fund. The money remains secure, and individuals retain the right to claim it at any time.
How to Find and Claim Your Unclaimed Money
If you suspect you might be entitled to unclaimed funds, several resources are available to help you track it down:
1. ASIC’s MoneySmart Website
ASIC hosts an unclaimed money search tool on its MoneySmart website. Simply input your name or relevant details to see if you have funds waiting to be claimed.
2. Australian Taxation Office (ATO)
The ATO holds records of unclaimed superannuation, tax refunds, and other entitlements. Check your account via myGov for potential claims.
3. State and Territory Agencies
Each state and territory has its own platform for searching unclaimed money:
- NSW: Use Revenue NSW.
- Victoria: Search via the State Revenue Office.
- Queensland: Visit the Queensland Public Trustee website.
- ACT: Check with the Public Trustee and Guardian.
- Western Australia, South Australia, Tasmania: Explore their respective Department of Treasury and Finance websites.
- Northern Territory: Visit the Territory Revenue Office, Department of Treasury and Finance, or the Public Trustee.
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How Much Could You Claim?
The amounts vary widely, from a few dollars to tens of thousands, depending on the type of account or policy and how long it’s been inactive. For money unclaimed since 2013, interest has been accruing, potentially increasing your entitlement.
Don’t Miss Out on Your Forgotten Wealth
Whether it’s a long-forgotten savings account, an unclaimed insurance policy, or dividends from shares you once owned, these funds could provide a welcome financial boost.
What to Do Next
- Step 1: Check ASIC’s MoneySmart tool or your relevant state/territory database.
- Step 2: Gather required identification documents to verify your claim.
- Step 3: Submit your claim to the appropriate authority.
Act Now and Claim What’s Rightfully Yours
The process is simple and could yield unexpected financial rewards. With $2.3 billion in unclaimed money up for grabs, now is the time to find out if you have a hidden treasure waiting to be claimed.
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