Uncover Unclaimed Money: A Guide For Australians

how do I find unclaimed money in australia

If you think you have lost money in Australia, you can search for it on the Moneysmart website. Unclaimed money is money that cannot be reunited with its rightful owner because, for example, the person has moved address, changed their name, or forgotten about it. Unclaimed money can be any gross amount of $20 or more for general lodgements/funds, including share dividends, salaries and wages, rent and bonds, debentures, and interest proceeds from a sale. You can also search for other types of unclaimed money on other government websites, such as the Australian Taxation Office and State government websites.

Characteristics Values
Reasons for unclaimed money Change of address, change of name, lost documents, forgotten, inactive bank account, inactive life insurance policy
Organisations that hold unclaimed money ASIC, State Revenue Office, Australian Taxation Office, Department of Treasury, Medicare
Types of unclaimed money Share dividends, salaries and wages, rent and bonds, debentures and interest, proceeds from a sale, superannuation, prizes and winnings
Websites to search for unclaimed money Moneysmart, myGov, State government websites
Search tips Search by surname only, surname and first name, surname and initial, or OTN

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Search the ASIC database

Unclaimed money in Australia can be found by searching the ASIC database on the Moneysmart website. This database includes money from lost bank accounts, shares, investments, and life insurance policies. It also incorporates information from the Unclaimed Money Gazettes, which contain data from banks, building societies, credit unions, life companies, friendly societies, and registered Australian companies.

To search the ASIC database, go to the Moneysmart website and select the "Check online" button. You can then enter your name or the OTN (Original Transaction Number) assigned to each unclaimed money record. Try variations of your name, such as surname only, surname and first name, or surname and initial, to increase the chances of finding your record. If your search is successful, you will see the details of how to make a claim.

It is important to note that ASIC does not guarantee the quality or consistency of the input data, and this service is provided solely for general information purposes. If you require assistance beyond what is provided by the database, consider seeking the services of an appropriately qualified professional.

Additionally, remember that you can search for unclaimed money on the Moneysmart website for free. If a private money search company offers to find your money for a fee, you can decline as the Moneysmart search is accessible at no cost.

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Check state government websites

In Australia, unclaimed money is consolidated and held by the federal government's

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Search for lost superannuation

If you've changed your name, address, or job, you may have lost track of your superannuation and could have lost or unclaimed super. Your lost super may be held by your super fund or by the Australian Taxation Office (ATO). It may be held by the ATO if your super fund, employer, or the government can't find an account to deposit your super into.

To search for lost super, you can use the myGov website or contact myGov to find out how to create an account if you don't already have one. You will need to link your myGov account to the ATO and select 'Super'. If you've recently opened a new super account, it may take up to six months to appear on myGov.

You can also search for lost super by calling the ATO lost super search line on 13 28 65 or 13 10 20, and having your tax file number ready. Alternatively, you can ask your preferred super fund to conduct a search on your behalf.

If you can't register for a myGov account, your super fund can search for lost and unclaimed super on your behalf.

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Update bank details with Medicare

Unclaimed money in Australia can often be the result of a change of address, a change of name, lost important documents, or simply forgetting about it. This money can be from old bank accounts, shares, investments, or life insurance policies. To find unclaimed money, you can search the Australian Securities and Investments Commission (ASIC) database on the Moneysmart website. This database includes records from banks, building societies, credit unions, life companies, friendly societies, and registered Australian companies. Each unclaimed money record is given a unique OTN (Original Transaction Number), which is required when making a claim.

Now, here is a guide on how to update your bank details with Medicare:

To update your bank details with Medicare, you must first ensure that you have a Medicare account linked to your myGov account. If you do not have a myGov account, you will need to create one and link your Medicare account. Here is a step-by-step guide:

  • Sign in to your myGov account.
  • Select "View and link services."
  • Choose "Link" on the Medicare tile.
  • If your details are already recorded in myGov, ensure that they match your Medicare record. If they do, select "Continue."
  • If you are linking Medicare for the first time, you will need to agree to myGov storing your personal details.

Once your accounts are linked, you can update your bank details. Here is how:

  • Go to the "Tasks" menu and select "Update bank details."
  • Select "Continue."
  • Enter your new bank details, including the account number.
  • Select "Save bank details."
  • Review the updated details and make sure they are correct.
  • Select "Close."

Alternatively, you can update your bank details by navigating to "My details" on the home screen and then selecting "View and edit my details." From there, you can select "Edit" under "Bank details" to make changes.

Please note that these changes will only apply to Medicare payments for you and not to others on your Medicare card. Also, remember that Medicare benefits are paid via Electronic Funds Transfer (EFT), so it is essential to keep your bank details up to date to receive your payments without delays.

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Search for unclaimed money in other states

Each Australian state and territory is responsible for administering the unclaimed money lodged by businesses and trusts operating there. Here are some ways to search for unclaimed money in states other than Victoria and Queensland:

New South Wales

Revenue NSW holds unclaimed money, allowing individuals to search the register and make a claim to have the money returned to its rightful owner. The register includes all funds lodged since 1 July 1997, with amounts lodged before that date kept in hard copy under the lodging organisation's name.

Australian Capital Territory

The Australian Capital Territory Public Trustee and Guardian, along with the ACT Government Treasury, are responsible for managing unclaimed money in the territory. Contact these agencies to search for and claim your money.

Tasmania

Although specific information for Tasmania could not be found, the Australian Government has laws in place to ensure that unclaimed money is returned to its rightful owner. Under these laws, organisations must send unclaimed money to the Australian Securities and Investments Commission (ASIC), which maintains a database of unclaimed money records to help individuals find and claim their lost money.

Northern Territory

Similar to Tasmania, specific information for the Northern Territory could not be found. However, you can refer to the Australian Government's laws and the ASIC database to search for unclaimed money in the territory.

Western Australia

Information specific to Western Australia was also not found. However, the ASIC website provides a general search function for unclaimed money in Australia, which can be utilised to search for unclaimed money in this state.

South Australia

Like Western Australia and Tasmania, there is no state-specific information available for South Australia. However, the ASIC website remains a viable option for searching unclaimed money in this state as well.

Frequently asked questions

Unclaimed money is money that cannot be reunited with its rightful owner because the person has moved address, changed their name, or forgotten about it.

You can search for unclaimed money on the Australian Government's Moneysmart website. You can also search state government websites, as well as the websites of the institutions where you think you had money (e.g. banks, insurance companies, etc.).

Unclaimed money can include lost money in old bank accounts, shares, investments, life insurance policies, superannuation, salaries and wages, rent and bonds, proceeds from a sale, and more.

To make a claim, you will need to provide proof that you are the rightful owner of the money. This may include providing identification, such as a driver's license or passport, and other documentation.

In Australia, there is no time limit on claiming unclaimed money. However, money is typically considered "unclaimed" after a certain period, which can vary depending on the type of account and the state or territory. For example, in Western Australia, money is deemed unclaimed if it has been held by an organisation for 6 years without being returned to the owner.

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