The Victorian treasurer has asked the state’s citizens to check with the Victorian Unclaimed Money Register, as there are currently tens of millions of dollars on the books.
“We encourage Victorians to check the website and claim their unclaimed monies – this could provide substantial benefits to people if they make the effort,” Tim Pallas said.
“If you are not sure, our advice is to go to the website and check.’’
Who is owed money?
Greater Geelong has the most unclaimed money – with more than 33,000 entitlements valued at over $4.3 million, followed by Ballarat (more than 14,000 entitlements, $1.8 million), Greater Bendigo (13,000, $1.8 million), Latrobe (13,000, $1.5 million), Greater Shepparton (9,000, $1.2 million) and Mildura (7,000, $1 million).
In metropolitan Melbourne, the City of Melbourne is the council area with the most unclaimed money – more than 67,000 entitlements worth over $17.7 million – followed by Boroondara ($9.8 million), Stonnington ($6.9 million) and Whitehorse ($6.6 million).
One Bendigo local has just over $137,000 waiting for them, while a lucky Box Hill individual has a claim to more than $880,000, someone from Nunawading is owed more than $670,000 and a person in Mount Martha can apply for more than $232,000.
You can check if you are owed money at Victoria’s State Revenue Office here.
It’s estimated there is more than $500 million in unclaimed money in NSW.
All state governments hold unclaimed money from deceased estates, share dividends, salaries and wages, cheques, trust money, overpayments and proceeds of sale, to name a few.
Claiming costs nothing.
Where to find a windfall
If you think you are owed money, maybe from a wound-up company, or in long-lost shares, you will need to contact the state in which the money is held.
For deceased estates, state by state:
- ACT: Public Trustee and Guardian for the ACT
- New South Wales: NSW Trustee and Guardian
- Northern Territory: Northern Territory Office of the Public Trustee
- Queensland: Public Trustee of Queensland
- South Australia: Public Trustee South Australia
- Tasmania: Public Trustee Tasmania
- Western Australia: Public Trustee Western Australia
For dividends and other money:
- ACT: Public Trustee and Guardian for the ACT
- New South Wales: Revenue NSW
- Northern Territory: Northern Territory Treasury
- Queensland: Public Trustee of Queensland
- South Australia: SA Department of Treasury and Finance
- Tasmania: Tasmanian Department of Treasury and Finance or phone (03) 6166 4188
- Western Australia: WA Department of Treasury
According to MoneySmart, money is usually ‘lost’ when people move house and forget to update their details with a financial institution or company.
Bank accounts become unclaimed after seven years if the account is inactive and life insurance policies become unclaimed seven years after the policy matures and was not claimed.
MoneySmart said unclaimed money received by the Australian Securities and Investment Commission (ASIC) is transferred to the Commonwealth of Australia Consolidated Revenue Fund and can be claimed at any time by the owner. There is no time limit on claims.
Find out how to claim here.
Have you ever found money on an unclaimed register? Why not share your experience in the comments section below?
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