$16 billion at stake: Discover the ways how to get your unclaimed money
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When navigating through the hustle and bustle of daily life, it's easy to overlook the little things—like that $20 note that slipped behind the couch or the loose change that tumbles into the depths of a handbag.
But what if there are forgotten funds that could be much more substantial, and they're just waiting for you to claim them?
Yes, you read that right. There's a staggering $16 billion in lost cash in Australia, and some of it could very well belong to you.
This isn't about finding a forgotten banknote; it's about uncovering lost financial assets you might not even realise are yours.
From unclaimed Medicare rebates to dormant bank accounts and even potential inheritances, there's a treasure trove of possibilities.
Medicare
Have you visited the doctor recently and left without claiming your Medicare rebate because you forgot your card or the practice couldn't process it electronically?
The government has been actively returning these funds, with $26 million already in the pockets of over 100,000 Australians this year alone.
That's an average of $215 per person. But there's still $200 million out there.
To see if some of it is yours, simply link your MyGov account to Medicare, update your bank details, and you could soon see that money in your account.
If technology isn't your forte, don't worry—a call to Medicare at 132 011 or a visit to a branch can set you on the right path.
Bank accounts, life insurance, and shares
But why stop there?
If you've left a bank account untouched for seven years, it's considered inactive, and the Commonwealth holds the funds.
While it may sound alarming, your money is safe and retrievable, albeit earning minimal interest. By reclaiming it, you can put it to work in better ways.
If you've ever held an account with one, you might now be a shareholder without knowing it.
Imagine discovering shares or an old insurance policy worth a significant sum—it's happened before, and it could happen to you.
Inheritances can also be a source of unexpected wealth, especially if a relative has passed away without a will.
To explore this avenue, visit moneysmart.gov.au or check with your state's Office of State Revenue or Public Trustee.
Superannuation
And let's not forget about superannuation.
It's easy to lose track of super accounts, especially if you've changed jobs, names, or addresses.
Super is considered 'lost' when your fund can't contact you, but it's not gone forever.
Accounts over $6,000 remain with your fund until claimed, while those under $6,000 are transferred to the Australian Taxation Office as 'unclaimed' super.
Although the average amount isn't currently publicised, it was around $7,000 a few years back.
To embark on this financial treasure hunt, head to MyGov and link it to the ATO for a Super Health Check, which will guide you through locating and consolidating lost super.
Alternatively, call the lost super search line at 13 28 65, having your tax file number ready.
Have you checked if you’re eligible for these claims, members? Let us know in the comments below!
But what if there are forgotten funds that could be much more substantial, and they're just waiting for you to claim them?
Yes, you read that right. There's a staggering $16 billion in lost cash in Australia, and some of it could very well belong to you.
This isn't about finding a forgotten banknote; it's about uncovering lost financial assets you might not even realise are yours.
From unclaimed Medicare rebates to dormant bank accounts and even potential inheritances, there's a treasure trove of possibilities.
Aussies can get their ‘lost’ money in these easy ways. Credit: Shutterstock
Medicare
Have you visited the doctor recently and left without claiming your Medicare rebate because you forgot your card or the practice couldn't process it electronically?
The government has been actively returning these funds, with $26 million already in the pockets of over 100,000 Australians this year alone.
That's an average of $215 per person. But there's still $200 million out there.
To see if some of it is yours, simply link your MyGov account to Medicare, update your bank details, and you could soon see that money in your account.
If technology isn't your forte, don't worry—a call to Medicare at 132 011 or a visit to a branch can set you on the right path.
Bank accounts, life insurance, and shares
But why stop there?
If you've left a bank account untouched for seven years, it's considered inactive, and the Commonwealth holds the funds.
While it may sound alarming, your money is safe and retrievable, albeit earning minimal interest. By reclaiming it, you can put it to work in better ways.
If you've ever held an account with one, you might now be a shareholder without knowing it.
Imagine discovering shares or an old insurance policy worth a significant sum—it's happened before, and it could happen to you.
Inheritances can also be a source of unexpected wealth, especially if a relative has passed away without a will.
To explore this avenue, visit moneysmart.gov.au or check with your state's Office of State Revenue or Public Trustee.
Superannuation
And let's not forget about superannuation.
It's easy to lose track of super accounts, especially if you've changed jobs, names, or addresses.
Super is considered 'lost' when your fund can't contact you, but it's not gone forever.
Accounts over $6,000 remain with your fund until claimed, while those under $6,000 are transferred to the Australian Taxation Office as 'unclaimed' super.
Although the average amount isn't currently publicised, it was around $7,000 a few years back.
To embark on this financial treasure hunt, head to MyGov and link it to the ATO for a Super Health Check, which will guide you through locating and consolidating lost super.
Alternatively, call the lost super search line at 13 28 65, having your tax file number ready.
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