Aussies can claim their share of $638 million in unclaimed money—are you eligible?
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Every so often, a surprising opportunity arises that could change your financial future.
Right now, countless Australians might be unaware they're sitting on a fortune waiting to be claimed.
The state government has revamped its system, making it easier than ever for individuals to claim what's rightfully theirs.
A treasure trove of $638 million in unclaimed money is sitting idle with the NSW government, and it could belong to you!
Unclaimed money includes uncashed cheques, refunds, dividends, bill overpayments, superannuation, and other monies owed to individuals who have fallen off the radar for various reasons.
Common reasons for this include changing addresses, altering names, misplacing important documents, or simply forgetting about the funds.
Recognising the need to streamline the process, the NSW government has launched an updated website designed to simplify claims.
This includes improved ID verification procedures, a new system for uploading necessary documentation, and a tracking feature to monitor the status of applications.
In addition to the website overhaul, a new portal has been established requiring businesses and corporations to submit information to Revenue NSW, aiding in the process of reconnecting residents with their unclaimed cash.
Finance Minister Courtney Houssos is championing the initiative, urging residents to visit the updated website and check if they have unclaimed cash waiting for them.
'We want to get this money back to families and households as quickly and easily as we can. The changes we’ve made to the unclaimed money system will help make that process easier,' Houssos stated.
‘By making sure that businesses that send information to the unclaimed money fund include basic information, we can get started matching people with their unclaimed money even sooner.’
Chief Commissioner of State Revenue Scott Johnston echoes the push for efficiency, noting that Revenue NSW often lodges more money than claimed.
‘The portal will help the agency continue to give more and more unclaimed money back to those it’s owed to,’ he said.
The staggering $638 million pool includes $268 million that is claimable by NSW residents, with the average claimable amount of $370.
Certain areas have higher averages, such as Sydney City and Inner South, with $541 each, and North Sydney and Hornsby, with an average of $389.
Regional areas like Newcastle, Lake Macquarie, and Illawarra have their own unclaimed sums, averaging $329 and $276, respectively.
So, how can you search for unclaimed money that might be under your name?
Head to the unclaimed money register on the NSW government's website here, free of charge. Revenue NSW does not take any commission on successful claims.
Once you submit the required documentation and it is verified by Revenue NSW, the funds will be released within 28 days.
The agency also actively reaches out to potential claimants, sending over 12,000 alert letters in 2023–24.
If you don’t live in NSW, unclaimed money can also be found in various government databases nationwide.
Here's where to look:
Have you or someone you know successfully reclaimed lost funds? Share your stories with us in the comments below!
Right now, countless Australians might be unaware they're sitting on a fortune waiting to be claimed.
The state government has revamped its system, making it easier than ever for individuals to claim what's rightfully theirs.
A treasure trove of $638 million in unclaimed money is sitting idle with the NSW government, and it could belong to you!
Unclaimed money includes uncashed cheques, refunds, dividends, bill overpayments, superannuation, and other monies owed to individuals who have fallen off the radar for various reasons.
Aussies can claim their share of $638 million in unclaimed money. Credit: Unsplash
Common reasons for this include changing addresses, altering names, misplacing important documents, or simply forgetting about the funds.
Recognising the need to streamline the process, the NSW government has launched an updated website designed to simplify claims.
This includes improved ID verification procedures, a new system for uploading necessary documentation, and a tracking feature to monitor the status of applications.
In addition to the website overhaul, a new portal has been established requiring businesses and corporations to submit information to Revenue NSW, aiding in the process of reconnecting residents with their unclaimed cash.
Finance Minister Courtney Houssos is championing the initiative, urging residents to visit the updated website and check if they have unclaimed cash waiting for them.
'We want to get this money back to families and households as quickly and easily as we can. The changes we’ve made to the unclaimed money system will help make that process easier,' Houssos stated.
‘By making sure that businesses that send information to the unclaimed money fund include basic information, we can get started matching people with their unclaimed money even sooner.’
Chief Commissioner of State Revenue Scott Johnston echoes the push for efficiency, noting that Revenue NSW often lodges more money than claimed.
‘The portal will help the agency continue to give more and more unclaimed money back to those it’s owed to,’ he said.
The staggering $638 million pool includes $268 million that is claimable by NSW residents, with the average claimable amount of $370.
Certain areas have higher averages, such as Sydney City and Inner South, with $541 each, and North Sydney and Hornsby, with an average of $389.
Regional areas like Newcastle, Lake Macquarie, and Illawarra have their own unclaimed sums, averaging $329 and $276, respectively.
So, how can you search for unclaimed money that might be under your name?
Head to the unclaimed money register on the NSW government's website here, free of charge. Revenue NSW does not take any commission on successful claims.
Once you submit the required documentation and it is verified by Revenue NSW, the funds will be released within 28 days.
The agency also actively reaches out to potential claimants, sending over 12,000 alert letters in 2023–24.
If you don’t live in NSW, unclaimed money can also be found in various government databases nationwide.
Here's where to look:
- Federal: Search for ‘ASIC unclaimed money’
- ACT: Public Trustee and Guardian
- NSW: Revenue NSW
- NT: Northern Territory Treasury
- QLD: Public Trustee of Queensland
- SA: South Australian Department of Treasury and Finance
- TAS: Tasmanian Department of Treasury and Finance
- VIC: State Revenue Office of Victoria
- WA: Department of Treasury
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