Unclaimed Money

What is Unclaimed Money?

Recent 2017 figures show a total pool of unclaimed money of approximately $23.9 Billion dollars in Australia.  Most people have no idea they have any money owing to them. Recovery and Refund agents connect lost funds to its rightful owners ensuring that individuals are made aware of funds that may be owed to them and assist them in the claim process.

In 2012‐2013 there was $677 million* in unclaimed money sitting with ASIC so this account has increased dramatically over the last few years. It’s important that individuals endeavour to recover these funds or enlist an agent to do it for them.

 

Have a Question? Ask a Professional.

Where Does Unclaimed Money Come From?

  • Bank accounts
  • Forgotten accounts
  • Uncashed cheques
  • Tax returns
  • Unclaimed dividend payments
  • Capital payouts
  • Life insurance policies
  • Shares and Investments
  • Refunds
  • Lottery winnings
  • Security deposits
  • Deceased estates where beneficiaries can’t be found or contacted

The Unclaimed Money Association Of Australia

Read More About Becoming A Member.

What Does The Unclaimed Money Association Do?

Bank accounts become government revenue after seven years if the account is inactive (no deposits or withdrawals). This changed from three years in December 2015.

When a company, solicitor or government department tries to make a payment to you, but the cheque is not cashed, or they are unable to find you, the money may be classified as unclaimed. Businesses are required by law to turn unclaimed funds over to be held in trust accounts by the government until the money is claimed.

The most common form of unclaimed money for individuals is through old or forgotten superannuation accounts. Sometimes if you change workplaces or careers, the new business that you are working for may use a different superannuation company, and unless you take the appropriate measures to transfer your account across, your money could be forgotten and left to sit in an unused account, which if left for too long, will be handed over to the government where they will decide what to do with the funds.

Unclaimed Money Laws in Australia

Unclaimed money is administered under the relevant Unclaimed Money ACT and administered by the ACT and the state laws relevant to the specific administering authority, as well as relevant banking laws, deceased estate regulations, superannuation legislation, etc. The complexity of the regulations creates the need for consumer assistance & support via our association as well as via the services of professional unclaimed money agents.

There have recently been changes to the laws regarding unclaimed money in Australia, updated by the Commonwealth Government in December 2012. The new laws state that bank accounts, which are deemed ‘inactive’ (meaning that the customer has not used the account to make any transactions within the last three years), must be reported and transferred to the government unless the account meets the qualifications for exemption. Up until December 2012, the unclaimed monies regime applied to bank accounts without activity for more than seven years.

Once the report and transfer are made, the money goes to the Commonwealth of Australia Consolidated Revenue Fund and the information about the account is held by ASIC. There are also changes to lost superannuation accounts, stating that lost super accounts worth less than $2,000 will now be transferred to the tax office after one year, instead of five.

Become a Member Of The Unclaimed Money Association

Improve Your Business Credibility And Keep Up-To-Date With What’s Happening In The Industry With A Range Of Online Resources.

The Unclaimed Money Association is the peak body for the Unclaimed Money Industry in Australia. The Unclaimed Money Association provides the industry, agents, government and the public with proper representation, information and education. The Unclaimed Money Association provides industry guidelines for service providers to best practice in the unclaimed money industry.

CONNECT WITH US


Facebook

CONTACT US


Terms and Condition Of Use | Privacy Policy | Help

Unclaimed Money Association | © 2019 All rights reserved

no part shall be copied without written consent from the Unclaimed Money Association