Accessing Unclaimed Government Funds: A Guide
The Australian government currently holds approximately $190 million in unclaimed money. This fund consists of various financial assets that individuals and organizations have not claimed.
What is Unclaimed Money?
Unclaimed money can originate from several sources, including:
- Forgotten bank accounts
- Life insurance policies
- Lost shares and investments
- Deceased estates
- Unclaimed superannuation
These funds typically become "unclaimed" when an account becomes inactive, contact details are outdated, or beneficiaries are unaware of their entitlement.
How to Check for Unclaimed Funds
Individuals can investigate whether they are entitled to unclaimed money through several government platforms:
- ASIC's MoneySmart Website: The Australian Securities and Investments Commission (ASIC) provides a national register for unclaimed money from banks, building societies, credit unions, life insurance companies, and shares. Users can search by name or organization.
- Australian Taxation Office (ATO): The ATO manages unclaimed superannuation. Individuals can check their MyGov account linked to the ATO to see if they have any lost or unclaimed super.
- State and Territory Revenue Offices: Each state and territory government may hold unclaimed funds from sources specific to their jurisdiction, such as forgotten bonds, unpresented cheques, or deceased estate funds.
The Claim Process
To claim unclaimed money, individuals typically need to provide:
- Proof of identity (e.g., driver's license, passport)
- Proof of ownership or entitlement to the funds (e.g., old statements, correspondence, probate documents)
The process is generally free, and claims are assessed by the relevant government agency.
Important Information
It is advisable to use official government websites to search for unclaimed money, as third-party services may charge fees for information or assistance that is otherwise freely available.