In Australia, there is currently $1.1 billion worth of unclaimed money.
Unclaimed money usually eventuates as a result of people moving often or moving internationally, and some people simply forget or do not realise they have money to claim. According to ASIC, there is over $80 million in lost life insurance money, $617 million in lost bank account money and $451 million in lost shares money.
When lost money becomes unclaimed (usually after a period of 7 years), it is moved to the Commonwealth of Australia Consolidated Revenue Fund. It is still however available for claiming by the owner indefinitely, with tax free interest paid on this money as of 1 July 2013.
If you think you may have unclaimed money you can check by visiting the ATO website, your state government website or the Fair Work Ombudsman website and, if eligible, you can lodge a claim to get this money.
If you have any queries regarded unclaimed money, do not hesitate to contact our office.