Ruqayyah Snyder
If you think a business, financial institution, or government owes you money that you did not collect, you may be able to file for this money to be returned to you. Money can often go unclaimed when you've moved address, changed your name, lost important documents, or simply forgotten about it. You can search for unclaimed money owed to you or a deceased relative, but you will need proof of identity or entitlement as an executor or administrator to start your claim.
| Characteristics | Values |
|---|---|
| Reasons for unclaimed money | Change of address, change of name, lost documents, forgetfulness |
| Who holds the unclaimed money | Revenue NSW |
| Who can claim the money | Claimant or legal heir of a deceased claimant |
| Requirements to claim | Proof of identity or entitlement as an executor or administrator |
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What You'll Learn
Unclaimed money from a deceased relative
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, and winnings and prizes from gaming venues. Each Australian state and territory is responsible for administering the unclaimed money lodged by businesses and trusts operating there. For example, Revenue NSW holds unclaimed money, allowing individuals to search the register and make a claim to have the money returned to its rightful owner.
To search for unclaimed money, individuals can use the free online services provided by state revenue offices, such as Revenue NSW, or the Moneysmart website. These platforms enable users to look for unclaimed money held by state governments, including lost money from deceased estates.
Once the unclaimed money is identified, the legal heir can initiate a claim by providing the necessary documentation. This typically includes proof of identity and entitlement as an executor or administrator of the estate. In cases where the deceased died without a will ('intestate'), the claimant may need to apply for formal administration of the estate through entities like the NSW Trustee and Guardian.
It is important to note that the requirements and procedures may vary depending on the state and the nature of the claim. Therefore, it is advisable to review the specific guidelines provided by the relevant state revenue office or government agency.
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Money not received due to change of address
In Australia, money can often go unclaimed when you move to a new address, change your name, lose important documents, or simply forget about it. Revenue NSW holds unclaimed money, allowing you to search the register and make a claim to have the money returned to its rightful owner. To do this, you will need proof of identity or entitlement as an executor or administrator to start your claim.
If you are expecting a Centrelink payment, it is important to notify them of any changes to your personal circumstances, including your address. This can be done within 14 days of your address changing. If you do not notify Centrelink of your change of address and you are overpaid, you may get into debt and have to pay back the excess.
If you are expecting a payment from a company and have changed your address, you must notify them within 28 days. This includes changes to your registered office address, principal place of business, and the residential address of any officeholders or members. If you are expecting a payment from a bank, it is important to provide the correct account details to the sender. If you do not receive the expected payment, you can contact the bank's international help desk to locate the payment. If the bank cannot locate the payment, the sender will need to address this with their transferring bank directly.
If you are receiving mail for a company that is not located at your address, ASIC provides guidance on the steps to take. If an officeholder's residential address is suppressed, a Form 379 Request must be lodged to suppress the residential address or change the residential and/or alternative address.
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Forgotten bank account funds
To find forgotten bank account funds in Australia, you can start by checking with the bank. If the account was closed a long time ago, the bank may no longer have any record of it. In this case, you may need to check with the state. Each state has laws requiring financial institutions to turn over abandoned property after a certain period, typically between three to five years.
You can search online for your state's unclaimed property department or start with the ASIC database. The ASIC Moneysmart website allows you to search for unclaimed money and provides details on how to make a claim. There is no time limit on claiming your money, and interest is payable on the unclaimed funds held by ASIC since 1 July 2013.
It is also worth checking with your relevant state revenue office or public trustee, which may list lost cash from deceased estates, overpaid fees, or credits from government bodies and retailers. Additionally, you can use the ATO's online services via myGov to find lost superannuation accounts, which can help you locate and consolidate forgotten super balances.
To avoid losing track of your bank accounts, it is recommended to make at least one transaction every seven years and update your contact details whenever you change your address, phone number, or email address.
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Insurance policy payouts
If you think you may be owed money from an unclaimed insurance policy, you can take the following steps to find out.
Firstly, you can search for unclaimed money on the Australian Government's Moneysmart website. This is a free service, although some companies may offer paid services to recover unclaimed money. If you are searching for yourself, you will search on your own name, and you might need to include any middle names to narrow down the results. If you are searching for a family member, you can enter their name, and if you find their name, there may be money that you can claim.
If you know the name of the insurance company, you can contact them directly and speak to their unclaimed money officer to find out what proof of claim documents you need to provide to prove that you are entitled to the policy benefit. You can also use ASIC's A-Z list of life insurance companies to find the insurer.
If you are unsure of the name of the insurance company, it may be because the company has been bought and sold and is now operating under a new name. The insurance commissioner of the state in which your policy was issued should be able to help you determine the new company name.
Once you have found the insurer, you can begin the claims process. The insurer will tell you what documents you need to provide, and it will take around 28 days for ASIC to release the funds to the insurer, who will then release the funds to you.
It is important to note that unclaimed life insurance benefits can accumulate interest over time. ASIC's latest annual report states that it paid out a total of $9,423,909 in principal and interest on unclaimed life insurance during the 2021/22 financial year, more than double the amount paid out the previous year.
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State agency grants
Identifying Grant Opportunities
- Start by visiting the official government websites of your state or territory. For instance, the NSW Government website offers a comprehensive list of grants and funding programs available for businesses, projects, and communities.
- Utilize online platforms such as GrantConnect, which is the Australian Government's centralized publication for current and forecasted grant opportunities. This platform allows you to search for grants based on your specific needs and eligibility.
- Answer specific questions about your business or project to narrow down relevant grants. Platforms like business.gov.au offer a grants and programs finder tool that tailors grant suggestions to your answers.
Understanding Requirements and Eligibility
- Carefully review the eligibility criteria for each grant. Grants typically have specific requirements regarding the type of organization or project they support, the location, and the intended use of the funds.
- Consider factors such as whether the grant is open to individuals, businesses, or non-profit organizations. Some grants may be industry-specific, targeting sectors like agriculture, technology, or arts.
- Note any deadlines for applications and ensure you have all the necessary documentation before starting your application.
Preparing Your Application
- Read through the grant guidelines thoroughly to understand the assessment criteria and what the funding body is looking for in successful applicants.
- Develop a strong grant proposal that clearly articulates the purpose of your project, how it aligns with the funding body's objectives, and the impact it will have on the community or industry.
- Provide detailed information about your project's budget, including estimated costs and how the grant funds will be allocated. Ensure your budget is realistic and aligns with the grant amount offered.
Staying Informed
- Subscribe to mailing lists or follow relevant government agencies on social media to stay updated about new grant opportunities, changes to existing grants, and application deadlines.
- Regularly check the "Grants and Funding" sections on state or territory government websites, as new initiatives and programs are announced periodically.
By following these steps and staying proactive, you can increase your chances of securing state agency grants and accessing the funding needed to turn your initiatives into reality. Remember to carefully review the requirements and guidelines for each grant to ensure your application has the best chance of success.
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Frequently asked questions
Unclaimed money is money that you are legally entitled to but did not receive. This can occur when you move address, change your name, lose important documents, or simply forget about it.
You can search for unclaimed money through your state's unclaimed property office. If you have lived in multiple states, you will need to check each state's office individually.
You will need to provide proof of your identity to start a claim. If you are claiming money owed to a deceased person, you will need to provide proof of your entitlement as an executor or administrator.
To prevent money from becoming unclaimed, it is important to keep your contact information and documentation up to date and inform relevant institutions of any changes. Regularly review your finances and stay organised to minimise the risk of forgetting about your entitlements.
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