Most of us have lost a bit of money at some point. A coin at the laundromat. $20 that fell from your pocket. It’s inconvenient, sure, but not necessarily life altering.
However, imagine losing 1.5 billion dollars. This is no Elon Musk losing a few dollars – this is how much Australian’s have lost, collectively. According to the Australian Securities and Investments Commission (ASIC), Australian’s have around $1.5 billion in lost shares, bank accounts, life insurances, trust money, wages, rent, and superannuation waiting to be claimed.
That’s a lot of lost treasure
Many Australian organizations and government agencies will attempt to return lost money to their rightful owners, but have been unsuccessful because the owners –
- Have moved homes
- Have changed their names
- Misplaced a cheque
- Have just…forgotten it’s there.
Seriously, it happens more often than you think.
How do you find – and claim – any lost money in your name?
This is your official notice to head to the Moneysmart website, the unsung heroes for finding lost money, and use its unclaimed money search tool. The service is free and takes less than two minutes to do.
Alternatively, you can also use the Unclaimed Monies tool through your relevant state or territories Treasury Departments. Click on your state or territory to search.
Why does the Government hold on to unclaimed money?
The short answer – because your accounts have been inactive, and money can’t simply just disappear.
The long answer – After seven years, the remaining balances of inactive bank accounts, super funds, shares, and insurance policies are transferred to the Commonwealth of Australia Consolidated Revenue Fund. There, it collects interest until it is claimed.
Why does it hold onto all this money? Because it’s someone’s lost treasure, is why. Would you like your money to disappear into thin air, or sold off elsewhere? Or would you prefer it to be held onto safely – and still earn interest?
It’s an easy choice.
It takes less than two minutes to check if any of this lost and unclaimed money is in your name, and it’s completely free to do so. Take a look now, and don’t forget to encourage your friends and family to check as well.
Didn’t find any lost money?
Don’t fret! You can search for other types of unclaimed money on other government websites:
Australian Taxation Office – You can search for any lost or unclaimed Superannuation in just a few minutes.
State government – Search your state government’s treasury websites for deceased estates, lost shares, salaries or wages. They have been linked above.
Services Australia –If you have changed bank accounts, then you may have lost some benefits along the way. Likewise, your Medicare benefits.
Want to start a new business with that unclaimed cash of yours? Auditax Accountants can help you set up your business, and ensure your business is off to the best possible start. Call us today on (08) 9358 5599 and ask to speak with one of our business specialists.