Damon Mcknight
There are many reasons why you may have unclaimed money in Australia. You may have changed your name, address, or job, or forgotten to update your details with a financial institution or your super fund. You may have unclaimed money in old bank accounts, shares, investments, or life insurance policies. You may also have unclaimed winnings or prizes from gaming venues, Tatts, Intralot, or TAB. Each state and territory in Australia is responsible for administering the unclaimed money lodged by businesses and trusts operating there. You can search for unclaimed money in the Victorian Unclaimed Money Register, or in registers for other states and territories. You can also search for unclaimed super through myGov or by contacting the Australian Taxation Office.
| Characteristics | Values |
|---|---|
| Unclaimed money sources | Lost bank accounts, shares, investments, life insurance policies, deceased estates, lost super, Medicare benefits, winnings/prizes from gaming venues, Tatts, Intralot, and TAB |
| Reasons for unclaimed money | Change of name, address, or job, forgetting to update details with financial institutions, or simply forgetting about the money |
| Claiming unclaimed money | Search and claim through the Australian Taxation Office (ATO) using a myGov account, or contact the relevant agency directly |
| Unclaimed money register | Available through the State Revenue Office, includes amounts $20 or more lodged since 1 July 1997; amounts before this date are available in hard copy |
| Time limit for claiming | No time limit for claiming unclaimed money; interest is payable on unclaimed money held by ASIC since 1 July 2013 |
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What You'll Learn
Unclaimed money from gaming venues, Tatts, Intralot and TAB winnings
Unclaimed money from gaming venues, Tatts, Intralot, and TAB winnings and prizes do not have a minimum amount. Every year, millions of dollars are lodged with the Victorian Unclaimed Money Register, waiting to be collected by their rightful owners. Gaming venue operators must pay all unclaimed money from gaming machines to the State Revenue Office. They have annual responsibilities regarding unclaimed prizes and winnings, which must be paid via electronic funds transfer (EFT).
The register contains unclaimed money lodged since 1997. Before 1 January 2009, businesses had to publish an annual list of unclaimed amounts in the Victorian Government Gazette. The register does not display funds relating to unclaimed gaming monies, such as Tatts, TAB, Keno, Intralot, or gaming venue tickets.
To claim your unclaimed winnings or prizes from Tatts, Intralot, or TAB, you must first search the Unclaimed Money Register. It is free to search and free to claim. If you believe you are the legal owner of unclaimed money listed in the register, complete an application form and provide the required documentation to prove the money belongs to you. If you are claiming on behalf of a deceased estate, you will need proof of identity or entitlement as an executor or administrator.
If you are claiming more than one amount of money on the register, you only need to lodge one completed application form with a covering letter requesting all other funds in your name to be included.
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Lost superannuation
If you have lost track of your superannuation, it may be held by your super fund or by the Australian Taxation Office (ATO). This could be due to changing your name, address, or job and forgetting to inform your super fund. You can find your lost super in the following ways:
- Visit the myGov website or contact myGov to find out how to create an account and link it to the ATO. Once your account is linked, select 'Super' to find any ATO-held super.
- You can also ask your preferred super fund to conduct a search on your behalf.
- If you are unsure whether your employer is paying your super or which fund they are paying it to, refer to Unpaid Super from your employer.
- You can download the Super health check (NAT 75486, PDF 204KB) for step-by-step instructions on looking for lost super, consolidating, and preventing lost super.
- If you cannot register for a myGov account, your super fund can search for lost and unclaimed super on your behalf.
- You can also call the Australian Taxation Office on 13 28 65 or 13 10 20 to speak with a customer care representative about your lost super.
It is important to find your lost super and bring it together to save on fees and make it easier to manage.
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Unclaimed bank accounts
Unclaimed money from bank accounts can arise when an account has had no deposits or withdrawals (inactive) for a long time, usually seven years. It can also occur when you move house and forget to update your address with your bank, change your name, lose important documents, or simply forget about it.
The Australian Securities and Investments Commission (ASIC) maintains and publishes a database of unclaimed money records, which includes unclaimed money from bank accounts, to help people find and claim their lost money. This database is accessible through the ASIC Moneysmart website, and there is no fee for searching or claiming. The rightful owner can claim their money at any time, and there is no time limit for doing so. Interest is payable to the claimant on the unclaimed money held by ASIC since 1 July 2013.
Additionally, each Australian state and territory has its own unclaimed money register, which is published online under the Unclaimed Money Act 2008. These registers include unclaimed money from various sources, such as share dividends, salaries and wages, rent and bonds, debentures and interest, proceeds from sales, and winnings from gaming venues and betting agencies. However, they may not include all types of lost money, such as superannuation and funds from bank accounts, which are handled by other agencies. The State Revenue Office (SRO) in Victoria, for example, allows users to search the Unclaimed Money Register and submit a complete application form to collect any unclaimed money that is legally theirs. It is important to note that the records in the register include all funds lodged since 1 July 1997 with a gross amount of $20 or more. Amounts lodged before this date are kept in hard copy under the lodging organisation's name.
To search for unclaimed money in these registers, you may need to provide the address that the unclaimed money lodging organisation would have had on file, including the postcode. If you are searching for a physical address, you only need to enter the street name, not the street type. For example, if you are searching for Boronia Court, simply enter 'Boronia' into the 'street name' field. If you are searching for a deceased person's unclaimed money, you may need to provide the executor's or solicitor's address.
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Unpaid Medicare benefits
To receive your Medicare benefits, it is essential to ensure that your bank account details are up to date. Services Australia, the government body responsible for distributing Medicare benefits, utilizes Electronic Funds Transfer (EFT) to make payments. Hence, having accurate and current bank information on file is crucial.
If you have changed your name, address, job, or lived overseas, it is possible that your Medicare details are not up to date, and you may have missed out on benefits. To rectify this, you should update your bank details in your Medicare account through myGov. The process involves signing into your myGov account, selecting "'My Details'" from the menu, and then choosing "View and Edit My Details." From here, you can update your bank information, including your BSB, account number, and account name.
Once your bank details are updated, any unpaid Medicare benefits will be automatically deposited into your account within three days. Additionally, any future approved benefits will be paid directly into this account.
It is important to note that you can also claim your Medicare benefits at your doctor's office immediately after paying for a service. If your doctor bulk bills, you don't need to worry about paying upfront. Alternatively, you can claim by mail by completing a Medicare claim form and posting it to the provided address. Online claims can also be made through the Express Plus Medicare mobile app, but these are only accepted for services less than two years old.
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Unclaimed life insurance policies
In Australia, there is approximately $1.5 billion of unclaimed money in bank accounts, shares, investments, and life insurance policies. Unclaimed life insurance policies occur when the policyholder passes away, and the beneficiary doesn't contact the insurer to receive the benefit. This can happen for several reasons, such as the beneficiary being unaware of the policy, forgetting about it, or not having complete information.
To avoid life insurance going unclaimed, it is important to keep a record of policies and beneficiaries, and ensure that details are included in your will. It is also essential to keep your details up to date and inform your insurance provider of any changes to your email, phone number, or name.
If you believe you are entitled to an unclaimed life insurance benefit, you can take the following steps:
- Check the person's financial records, including income tax returns, bank records, and personal records.
- Contact the person's employer, as they may have had group life insurance or supplemental insurance.
- Reach out to the claims or customer service staff of the person's home and car insurance companies, as life insurance is sometimes bundled with these policies.
- Search the Australian Government's Moneysmart website, which has a free unclaimed money search tool.
- Check the Australian Government's unclaimed money register, which includes a database of unclaimed life insurance payouts.
- Contact the insurer directly and ask for their assistance in determining if you are a beneficiary of an unclaimed policy.
If you successfully locate an unclaimed life insurance policy, the next step is to lodge a claim. This process can take up to 28 days, and you may need to provide evidence of the policyholder's death and identify yourself as the rightful beneficiary. It is recommended to seek advice from a financial adviser or lawyer if necessary.
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Frequently asked questions
You can search for unclaimed money in the Unclaimed Money Register. You can also check the Australian Securities and Investments Commission website, which has a search facility for unclaimed money from lost bank accounts, shares, investments, and life insurance policies.
The Unclaimed Money Register is published online under the Unclaimed Money Act 2008. It is a list of amounts of unclaimed money arising from an owner's entitlement to share dividends, salaries and wages, rent and bonds, debentures and interest, and proceeds from a sale.
You can search the register for free and submit a complete application form to collect any unclaimed money that is legally yours. You will need to enter your name or the company name, the address that you believe the unclaimed money lodging organisation would have had on file, and the postcode of the address.
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.
You can search for lost superannuation in Australian Taxation Office online services through myGov. If you do not have a myGov account, you can find out how to create one and link it to Medicare. You can also ask your preferred super fund to conduct a search on your behalf.
