Aussies Urged to Claim Unclaimed Cash: You Might Be Owed Money!
Australians are being encouraged to explore various state and federal resources that might help them reclaim funds that have long remained unclaimed. Across the nation, numerous registers for unclaimed money exist, and a substantial amount is patiently waiting to be claimed.
The process typically involves entering your surname, suburb, and, if relevant, the name of your organisation on the relevant government site. For instance, Queenslander Renee Gracie discovered she had $142 in unclaimed funds. “I clicked on how to claim, filled out a form, submitted it, and they returned my money,” she shared.
In her experience, Gracie described it as "a good little hack," recommending that every Australian check if they are owed money. The origins of this unclaimed money can vary widely; it may include uncollected dividends, bounced cheques, unutilised superannuation, security deposits, and many other forms of financial transactions. Some individuals have even uncovered claims that date back several decades, with unclaimed money from the 1980s and 1990s still surfacing in searches across New South Wales (NSW).
While $142 may seem modest, some individuals have found much larger amounts hidden in these registers. Stories abound of claims significantly exceeding this amount: one person reported being owed $1,000 from an insurance company, while another found $410 belonging to their partner and $530 for their father, which originated from 1981. Reports of unclaimed amounts touch six figures and contain claims for thousands, sparking heartfelt excitement among claimants.
Each state and territory has its own unclaimed money register alongside a national register. To reclaim these funds, you generally need to submit a claim, which usually involves uploading identity verification or personal documents.
The total sum of unclaimed money is staggering, reaching billions of dollars. This figure encompasses unclaimed superannuation, forgotten cash in bank accounts, life insurance policies, and any other money that could not be redirected to its rightful owner. According to the Australian Securities and Investments Commission (ASIC), organisations are legally required to submit unclaimed money to them, which maintains these records and assists in reuniting funds with rightful recipients. Once sent to ASIC, unclaimed funds are transferred into the Commonwealth of Australia Consolidated Revenue Fund.
Furthermore, the Australian Taxation Office (ATO) estimates a staggering $16 billion exists solely in unclaimed superannuation. Given the potential sums that could be reclaimed, it’s prudent for Australians to check not only their own names but also those of their family members for any unclaimed cash.
In these uncertain times, this could be a timely reminder to take advantage of potentially overlooked funds waiting to be claimed.
