More than $15 billion of unclaimed money* is currently held by Government departments in Australia, from lost superannuation, bank accounts, investments and more. This could be because the rightful owner cannot be contacted or has simply forgotten about it.
The great news is checking if any of this money could be yours is very quick and simple.
HOW TO FIND LOST SUPER
Many people have multiple super accounts. If you have ever changed your name, address or lived overseas, you may have unintentionally lost track of some of your super.
The Australian Tax Office (ATO) holds some lost and unclaimed super which can include unclaimed super of members aged 65 years or older, non-member spouses and deceased members, small lost member accounts and insoluble lost member accounts.
For more information and to search for lost super contact the ATO on 13 10 20 or visit the Australian Taxation Office Lost Members Register – ato.gov.au/super
HOW TO FIND LOST INVESTMENTS
The Australian Securities and Investment Commission (ASIC) is responsible for unclaimed money held by banks, building societies, credit unions, friendly societies, insurance policies and company shares.
Bank accounts become unclaimed after seven years if the account is inactive (no deposits or withdrawals).
Life insurance policies become unclaimed seven years after the policy matures and is not claimed.
To search for lost investments, contact Australian Securities and Investments Commission on 1300 300 630 or visit moneysmart.gov.au/find-unclaimed-money
OTHER MISSING MONEY
In South Australia, the Department of Treasury and Finance holds unclaimed money that is owed to people. This could include money owed from refunds, deceased estates, wages and salaries which could not be paid because the recipient had changed name or address or were unable to be contacted.
Searching for unpaid money can be done quickly and simply online at treasury.sa.gov.au/Our-services/unclaimed-money or by calling 8462 1333.
If you have moved interstate and think you may have lost money in another state or territory you will need to contact the relevant state revenue office or public trustee.
If you believe you are the rightful owner of unclaimed money, it may be worth some time to try and claim it.
*This includes $13.8bn in lost super https://ministers.treasury.gov.au/ministers/jane-hume-2020/media-releases/there-138-billion-lost-and-unclaimed-
super-could-any-it-be and around $1.5bn in investments https://moneysmart.gov.au/find-unclaimed-money.