Could you have money sitting somewhere, waiting to be claimed? Millions of dollars in unclaimed assets are held by Australian authorities, and some of it might be yours. Here’s everything you need to know about finding and claiming lost money and assets.
What Types of Assets Can Be Lost?
Banking and Everyday Finances
Lost bank accounts are surprisingly common. If you haven’t touched a savings or transaction account for seven years or more, the funds may have been transferred to ASIC as unclaimed money. This also includes term deposits, safety deposit box contents, and uncashed cheques.
Shares and Investments
Dividends you never received, shares from companies that lost contact with you, managed fund distributions, and other securities can all become unclaimed. Company mergers and takeovers often result in lost shareholder entitlements.
Superannuation
This is one of the biggest sources of lost money. Australians collectively have billions in lost super from old jobs. When you change employers, move house, or change your name without updating your details, your super can become lost. Many people also have multiple super accounts they’ve forgotten about.
Insurance and Wages
Life insurance payouts, matured policies, and unclaimed wages or salary payments can all go astray. Even utility refunds and overpayments you never received could be waiting for you.
Inheritances and Estates
Sometimes people are unaware they’re beneficiaries of a deceased estate, or executors can’t locate beneficiaries who’ve moved.
Why Does Money Become Lost?
The most common reasons include:
- Moving house without updating your address with financial institutions
- Changing your name through marriage or other reasons
- Losing track of old bank accounts or super funds
- Mail going astray
- Simply forgetting about old accounts or entitlements
How to Search for Your Lost Money
The Australian government provides free search services to help you find unclaimed assets:
ASIC’s Unclaimed Money Search
Website: https://moneysmart.gov.au/find-unclaimed-money
This is your primary resource for most types of unclaimed money including bank accounts, shares, investments, and life insurance. The search is free and easy to use. You’ll need to provide your details including previous addresses and any former names.
Lost Superannuation via the ATO
Website: https://www.ato.gov.au/forms-and-instructions/superannuation-searching-for-lost-superannuation
You can search for lost super through:
- Your myGov account linked to the ATO
- ATO online services
- The ATO app
The ATO also holds unclaimed super, which includes super from lost accounts and inactive accounts that have been transferred to them.
State and Territory Revenue Offices
Some types of unclaimed money are held by state and territory governments:
- NSW: https://www.revenue.nsw.gov.au/unclaimed-money
- Victoria: https://sro.vic.gov.au/unclaimed-money
- Queensland: https://www.pt.qld.gov.au/other-services/unclaimed-money
- South Australia: https://www.treasury.sa.gov.au/Our-services/unclaimed-monies
- Western Australia: https://www.wa.gov.au/service/business-support/business-accounting-and-reporting/unclaimed-money
- Tasmania: https://www.treasury.tas.gov.au/budget-and-financial-management/guidelines-instructions-and-legislation/unclaimed-money
- Northern Territory: https://treasury.nt.gov.au/dtf/territory-revenue-office/unclaimed-money
- ACT:
How to Make a Claim
Once you’ve found unclaimed money in your name:
- Verify it’s yours: Check the details match your records, including addresses and dates
- Gather documentation: You’ll typically need proof of identity (driver’s licence, passport) and proof of address
- Submit your claim: Follow the instructions on the relevant website. Most claims can be submitted online
- Wait for processing: Claims are usually processed within a few weeks, though complex claims may take longer
Important Tips
There are no fees to search for or claim your own money through these official government services.
Beware of scams: Only use official government websites. Legitimate authorities will never ask for payment to search for or release your unclaimed money. Be suspicious of unsolicited contact from anyone claiming to help you recover lost money for a fee.
Search regularly: New unclaimed money is added regularly, so it’s worth checking every year or two.
Update your details: Prevent future money from becoming lost by keeping your contact details up to date with all your financial institutions, super funds, and employers.
Consolidate super: Consider consolidating multiple super accounts into one to avoid losing track and paying multiple sets of fees.
Tell family members: Many older Australians are unaware of unclaimed money. Help your parents or grandparents search for their lost assets.
The Bottom Line
Searching for unclaimed money costs nothing and could put hundreds or even thousands of dollars back in your pocket. Set aside 15 minutes to search the main databases—you might be pleasantly surprised by what you find. And remember, there’s no expiry date on most unclaimed money, so even very old claims can still be made.
Start your search today at MoneySmart’s unclaimed money page and the ATO’s lost super service. Your lost money is waiting for you!