Could your name be part of a $300 million unclaimed money pool? The unclaimed money register, managed by Revenue NSW, includes funds from overpayments, uncashed cheques, dividends, refunds, and other amounts owed to individuals.
Unclaimed money is money that you are legally entitled to, but where a business hasn’t been able to find you.
Money typically becomes unclaimed when people forget to update their name or contact details with businesses, have lost paperwork, or when estates are unaware of funds belonging to deceased relatives.
Sydney’s city and Eastern Suburbs have the highest amount of unclaimed money, with more than $91 million waiting to be claimed.
The next largest is Greater Western Sydney with $76 million.
Outside of Sydney, the highest is Central Coast and the Hunter, with $22 million.
In total, more than 800,000 items of unclaimed money ranging from a few dollars to millions of dollars is sitting with Revenue NSW and registered to a NSW address.
Revenue NSW holds an additional $394 million in money for people registered at addresses outside NSW.
Finding out if you’re owed any of this money is easy if you’re connected to the internet.
You just provide your full name and wait for the results at www.revenue.nsw.gov.au/unclaimed-money.
If you have any money owing, you fill in a form and provide your ID and your connection to the money. Claims are typically verified and processed by Revenue NSW within a month.
Last year, the Minns Labor Government upgraded systems to simplify and speed up the unclaimed money process.
This includes additional integration with Service NSW to help identify you during the claims process. The government also reduced the timeframe for businesses who are holding money from six years to two, ensuring that money is reported to Revenue NSW, and returned to its owners sooner.
These reforms help put more money back into the hands of NSW families.
“Almost $300 million is sitting unclaimed, and we want to make sure as much of that as possible finds its way back to families,’’ says minister for domestic manufacturing and government procurement Courtney Houssos.
“Last financial year, Revenue NSW returned more than $21 million to its rightful owners. With these new reforms, we’re making it faster and easier for people to get what they’re owed.
“While Revenue NSW regularly contacts potential owners, incomplete data means people are sometimes missed. That’s why we’re encouraging everyone to take a few minutes to check online – you might be surprised with what you find.”