Every year, millions of dollars in forgotten bank accounts, lost superannuation, uncashed dividends, and more end up sitting with government bodies because people lose track of them.
Life happens – you move house, change jobs, update your name, or simply forget about an old account. And when organisations can’t contact you, your hard-earned money can become “unclaimed” or “lost.” But the good news is, finding it is often easier than you think!
What Kinds of Money Go Missing?
A surprising variety of financial assets can become lost in Australia. Here are the main culprits:
- Lost Superannuation: This is the big one! If you’ve ever changed jobs, you might have multiple super accounts. Or, if your account has been inactive for a long time or has a low balance, your super fund might transfer it to the Australian Taxation Office (ATO).
- Forgotten Bank Accounts: Old savings accounts, cheque accounts, or term deposits that haven’t seen any activity for seven years can be transferred to the Australian Securities and Investments Commission (ASIC).
- Unclaimed Shares and Investments: Ever bought shares or invested in a managed fund and then moved? Dividends, share sale proceeds, or investment distributions can become unclaimed if the company can’t reach you.
- Life Insurance Policies: If a policy matures or a claim is due, and the insurer can’t find the beneficiary for seven years, the money goes to ASIC.
- State and Territory Specific Funds: This covers a wide range:
- Unpaid Wages: Money you were owed from an old job.
- Rental Bonds: Bonds not claimed at the end of a lease.
- Overpayments/Refunds: Like overpaid utility bills, council rates, or vehicle registration refunds.
- Deceased Estates: Money from a relative’s estate that hasn’t found its rightful heir.
- Unclaimed Winnings: From lotteries or betting.
Where to Start Your Search: Your Unclaimed Money Toolkit
The best part? It’s free to search for your unclaimed money! Here are the key places to check:
1. For Your Superannuation: The ATO via myGov
The Australian Taxation Office (ATO) is the central hub for lost and unclaimed super.
- How to search: The easiest way is to log into your myGov account and link it to the ATO. Under the “Super” section, you can see all your super accounts, including any lost or unclaimed super held by the ATO. You can then consolidate it into your preferred active account.
- Direct ATO link: You can also find more information directly on the ATO’s Lost Superannuation page.
2. For Bank Accounts, Shares, and Life Insurance: ASIC’s MoneySmart
ASIC’s MoneySmart website is your go-to for unclaimed money from banks, life insurance companies, and publicly listed companies.
- How to search: Visit the ASIC Unclaimed Money search tool. You’ll typically need to enter your name and date of birth.
3. For Everything Else (Wages, Bonds, Refunds, etc.): State and Territory Revenue Offices
Many other types of unclaimed money are held by the revenue office (or similar body) in the state or territory where the money originated. This is particularly relevant for things like unpaid wages, rental bonds, and utility refunds.
- How to search: You’ll need to check the relevant office for each state or territory you’ve lived or worked in. Here are some direct links:
- New South Wales: Revenue NSW Unclaimed Money
- Victoria: State Revenue Office Victoria Unclaimed Money
- Queensland: Public Trustee of Queensland Unclaimed Moneys
- South Australia: SA Treasury and Finance Unclaimed Money
- Western Australia: WA Department of Treasury Unclaimed Money
- Tasmania: Tasmanian Department of Treasury and Finance Unclaimed Money
- Australian Capital Territory: ACT Revenue Office Unclaimed Money
- Northern Territory: NT Department of Treasury and Finance Unclaimed Money
Tips for a Successful Search:
- Check all variations of your name: Include maiden names, previous names, or nicknames.
- Check for relatives: You can often search on behalf of deceased relatives or family members.
- Be patient: It might take a few minutes, but the potential reward is worth it!
- It’s FREE: Be wary of services that charge you to find unclaimed money – you can do it yourself for free through the official government channels.
Don’t let your money gather dust in a government vault! Take a few minutes today to check these resources. You might be pleasantly surprised by what you find.