Unclaimed Money in Australia: How It Works and How to Claim It

Unclaimed money amounting to more than $2.6 billion is currently being held by state governments across Australia, awaiting claim by its rightful owners. This staggering figure represents unclaimed funds from bank accounts, shares, investments, and life insurance policies, with a total value approaching $2.7 billion. Specifically, unclaimed money refers to funds that haven’t been returned to the rightful owner for 12 months or more and have been lodged with government agencies by businesses or trustees.

Over time, various financial assets become classified as “unclaimed” through different mechanisms. For instance, bank accounts become unclaimed after 7 years of inactivity, while life insurance policies are considered unclaimed 7 years after the policy matures and remains unclaimed for that period. Furthermore, typical examples include dividends, unpresented cheques and unclaimed gaming winnings. However, finding lost money in Australia is a straightforward process when you know where to look. This guide explains how money becomes unclaimed, how to conduct an unclaimed money search, and the steps to reclaim what rightfully belongs to you.

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Government Holds Billions in Unclaimed Money

Australian government agencies currently hold an astonishing sum of unclaimed money waiting to be reunited with rightful owners. These forgotten funds represent everything from dormant bank accounts to uncashed dividend cheques, with billions sitting idle in government coffers across the country.

How Much Unclaimed Money Exists in Australia

The scale of unclaimed money in Australia is truly remarkable. The ASIC reports that roughly AUD 4.13 billion in lost funds from bank accounts, investments, shares and life insurance policies remain unclaimed. Additionally, the Australian Taxation Office (ATO) holds AUD 8.56 billion in unclaimed superannuation, which represents an increase of AUD 2.45 billion (40%) since 2019.

The total unclaimed super across Australia amounts to AUD 24.46 billion, marking an increase of AUD 3.21 billion from the previous financial year. In Western Australia alone, the Department of Treasury and Finance’s register contains approximately AUD 290.51 million in unclaimed money.

Notably, more than 150,000 small investors have forgotten about AUD 689.57 million worth of shares. This contributes to the overall AUD 1.68 billion of unclaimed money throughout Australia. Recent data indicate that approximately AUD 3.52 billion in unclaimed funds is waiting to be claimed from various financial sources.

Which Agencies are Responsible for Holding It?

At the federal level, two main bodies manage unclaimed money. ASIC holds an updated database of unclaimed money records to assist people in finding and claiming their lost money. Meanwhile, the ATO manages lost and unclaimed superannuation, proactively consolidating almost 4.7 million accounts valued at AUD 10.86 billion since November 2019.

At the state level, various agencies are responsible:

• New South Wales – Revenue NSW maintains an unclaimed money register
• Queensland – Public Trustee administers unclaimed money
• Victoria – State Revenue Office runs the Unclaimed Money Register
• Western Australia – Department of Treasury manages unclaimed funds
• South Australia – Department of Treasury and Finance handles lost money claims
• ACT – Public Trustee and Guardian administers unclaimed money
• Northern Territory – Territory Revenue Office, Department of Treasury and Finance, and Public Trustee

Each state agency operates its own search tools and claim processes, although the types of unclaimed money they manage may differ.

Types of Unclaimed Funds: Bank Accounts, Insurance, Shares

Unclaimed bank accounts form a significant portion of lost money. ASIC holds funds from accounts that have been inactive for 7 years with balances of AUD 764.50 or more. The database contains records dating back to 1989 for savings accounts, 1959 for trading bank accounts, and 1992 for credit union and building society accounts.

If a life insurance policy is not claimed within 7 years after its expiration, it becomes unclaimed. ASIC’s records contain numerous insurance companies, many of which have changed names or been acquired by other firms.

Regarding shares, investors who held stocks in companies that were taken over but never received payment may find that ASIC holds their money. All unclaimed money collected by ASIC is transferred to the Commonwealth Consolidated Revenue Fund.

Other types of unclaimed money include rental bond refunds, dividend payments, vehicle licence refunds, refunds from education providers, and overpayments of utilities bills. In many cases, money becomes lost due to address changes or forgotten accounts.

Why Does Money go Unclaimed in Australia?

Millions of Australians remain unaware of money rightfully theirs, languishing in government coffers. Understanding why these funds become “lost” provides insight into how easily financial assets can slip through the cracks of everyday life.

Common Reasons: Address Changes, Forgotten Accounts

People often lose track of their money due to life changes and poor record-keeping. Moving house without updating contact details is one of the most frequent causes of unclaimed funds. Indeed, when individuals relocate or change addresses, notifications often fail to reach them, consequently severing their connection to existing accounts.

Name changes following marriage or divorce create additional complications. Moreover, essential documents may be misplaced during moves or over time. Many Australians overlook accounts with small balances or infrequent transactions. This particularly affects:

• Bank accounts opened for specific purposes, then abandoned
• Insurance policies taken out years ago
• Dividends from shares purchased and forgotten
• Uncashed cheques and refunds

The ASIC notes that unclaimed money often results when “people change address or go overseas and forget to update their details with a financial institution or company”.

Timeframes for Money to Become Unclaimed

Different financial products have varying timeframes before being classified as “unclaimed.” For bank accounts, the threshold is seven years of inactivity, meaning no deposits or withdrawals have occurred during that period. Likewise, life insurance policies are deemed unclaimed if they mature but remain uncollected for seven years or more.

The statutory period for other types of unclaimed money varies by state. In New South Wales, recent changes to the Unclaimed Money Act 1995 will reduce the holding period from six years to two years, effective 1 July 2025. This change affects unclaimed money returns due by 31 October 2026.

In Victoria, the State Revenue Office considers funds unclaimed when “they haven’t been returned to the rightful owner for 12 months or more”. Following these prescribed periods, financial institutions are required by law to transfer dormant funds to government agencies.

How Financial Institutions Report Unclaimed Money

Australian law requires financial institutions to close inactive accounts and transfer unclaimed funds to government agencies. Banks, credit unions, and building societies must identify accounts meeting the unclaimed criteria and report them annually.

For bank accounts with balances of AUD 764.50 or more that have been inactive for seven years, institutions are required to transfer these funds to ASIC. After receiving unclaimed money, ASIC transfers it to the Commonwealth of Australia Consolidated Revenue Fund. The government then holds these funds indefinitely, as there is “no time limit on claims”.

Businesses in New South Wales holding unclaimed money on 30 June 2025 must lodge it with Revenue NSW by 31 October 2025. Similarly, other states have reporting requirements for businesses and trustees holding unclaimed funds.

Rather than permanently confiscating these funds, the government maintains detailed records enabling rightful owners to reclaim their money at any time through established processes.

How to Find Unclaimed Money in Australia

Locating unclaimed money in Australia is straightforward with the right search tools. Several government agencies maintain searchable databases that anyone can access free of charge to find forgotten funds.

Using ASIC’s Moneysmart Unclaimed Money Search

Finding unclaimed money starts with ASIC’s Moneysmart website, which offers a free and secure search tool. This user-friendly database allows you to check if you have any lost funds from bank accounts, shares, or life insurance policies. To search effectively:

1. Visit the Moneysmart website
2. Enter your name or the original transaction number (OTN)
3. Review any matches displayed
4. Print or email your results to record the OTN and relevant information

The search is entirely secure, enhancing the privacy of personal data. Importantly, there are no time limits on claiming money lodged with ASIC, as funds remain available indefinitely for rightful owners.

Searching State Government Registers

In addition to federal searches, each state maintains its own registry of unclaimed money. The quickest method to search state records is through their respective online services. These registers typically contain:

• Deceased estates
• Lost share dividends
• Unpaid salaries and wages
• Unpresented cheques
• Over-payments
• Proceeds of sale

State government websites include Revenue NSW, the Victorian State Revenue Office, and similar agencies in other jurisdictions. Each offers its own search functionality for unclaimed funds held at the state level.

Checking with the ATO for Lost Superannuation

With nearly AUD 29.05 billion in lost and unclaimed super across Australia, checking for forgotten retirement funds is essential. The ATO offers multiple ways to search:

1. Log in to ATO online services through myGov
2. Use the ATO app
3. Call the lost super search line (13 28 65)
4. Complete a paper form (NAT 2476)
5. Ask your preferred super fund to check on your behalf

Once logged in to myGov, select “Super” then “Fund details” to view lost and active super accounts. The ATO has proactively consolidated millions of accounts over the past few years.

Related Article: How to Check Your Super: A Simple Step-by-Step Guide for Beginners

Avoiding Paid Search Services

Finally, be wary of companies charging fees to find unclaimed money. If a private money search firm approaches you offering to locate funds for a fee, remember that all legitimate searches can be conducted for free via government websites. These official channels offer complete access to unclaimed money databases at no charge.

How to Claim Your Unclaimed Money

After finding your unclaimed money, the next crucial step is claiming what rightfully belongs to you. Every Australian has the right to reclaim their funds at any time, as there is no time limit on making claims for unclaimed money.

Steps to Submit a Claim Through ASIC

Once you’ve located unclaimed funds through ASIC’s Moneysmart search tool, the claiming process involves several key steps:

1. Note the reference number from your search result
2. Download and complete the appropriate claim form from the ASIC website
3. Gather all required supporting documentation
4. Have your form and documentation confirmed by a Justice of the Peace or another authorized person.
5. Submit your claim via post to ASIC’s Unclaimed Money Unit

Initially, you must determine which claim form to use. Form A is for direct owners, whereas Form B is for representatives such as executors or trustees. The owner can claim their money at any time, regardless of how long it has been held.

Documents Neccesary

ASIC requires comprehensive documentation to verify your identity and establish your entitlement to the funds. Essential documents typically include:

• Primary identification: Current driver’s licence, passport, or proof of age card with your photo and signature
• Secondary identification: Medicare card, bank card, or birth certificate
• Proof of address: A document connecting you to the address listed in the unclaimed money record
• Bank statement: From the account where you want funds deposited
• Linking document: Evidence that connects you to the unclaimed money

Throughout the verification process, all copies must be clearly certified. For overseas applicants, equivalent certification standards apply to all documentation.

How Long Does the Process Take?

Typically, ASIC requires approximately 60 days to process a claim for unclaimed money. Importantly, this timeframe restarts if additional information is requested. State revenue offices generally aim to process claims within 28 days of receiving all required documentation.

Claiming From State Revenue Offices

State revenue offices maintain their own claiming procedures, albeit with similar documentation requirements. Subsequently, each state has specific claim forms and verification processes:

• Revenue NSW offers online claiming services requiring identity verification
• Queensland Public Trustee requires applications to be submitted via post
• Victorian State Revenue Office accepts claims for money unclaimed for over 12 months

Essentially, state-based claims require proof of identity, address verification, and evidence linking you to the unclaimed funds. Some states permit electronic identity verification, while others require paper-based processes with certified documents.

Throughout Australia, claiming unclaimed money is a free process. Henceforth, be cautious of services charging fees to help you claim, as they follow the same processes that you can complete yourself at no cost.

What to do After Claiming the Money

Once your claim for unclaimed money has been submitted, the post-claim process begins. Managing this process effectively ensures you not only recover your funds but also prevent similar situations in future.

How to Track Claim Status

After submitting your claim, you can monitor its progress using the claim reference number provided in your confirmation email. For ASIC claims, you can check your status online or contact them directly, for state revenue offices, such as Revenue NSW, their online portal allows you to review your claim status or provide additional information if requested.

Tips to Prevent Future Unclaimed Funds

To avoid losing track of your money again, keep financial institutions updated with your current contact details. Consider consolidating old or unused accounts to reduce the risk of forgetting them. Making a 5-cent deposit or withdrawal every six to seven years can keep your bank account from becoming unclaimed. Update your details whenever you move house, change your name, or relocate overseas.

Setting Reminders for Dormant Accounts

Create calendar alerts for accounts requiring periodic activity. Set reminders for expected future payments, such as rental bond refunds, to ensure they arrive as anticipated. For accounts you wish to keep open despite infrequent use, schedule regular small transactions. Setting up automatic payments for subscriptions through dormant accounts will maintain activity without requiring manual intervention.

Conclusion – Unclaimed Money

Unclaimed money represents a significant financial opportunity for many Australians who remain unaware of funds rightfully theirs. The billions held by government agencies across the country certainly warrant a thorough search of relevant databases. Australians can easily check for forgotten funds through ASIC’s Moneysmart website, state government registers, and the ATO’s superannuation search tools. These official channels provide free access to comprehensive databases, eliminating any need for paid search services.

The claiming process, though requiring proper documentation, remains straightforward and accessible to all eligible individuals. People must simply gather identification documents, complete the appropriate forms, and submit their applications through the correct channels. Afterwards, patience is necessary, as claims typically take between 28 and 60 days to process, depending on the holding agency.

Looking ahead, preventive measures can effectively eliminate the risk of losing track of money again. Regular account activity, updated contact information, and periodic checks of financial holdings will ensure funds remain accessible. Additionally, setting calendar reminders for dormant accounts serves as an excellent strategy for maintaining awareness of all financial assets.

The substantial sums currently sitting unclaimed underscore the importance of taking action. Regardless of how long funds have remained dormant, rightful owners can claim their money at any time. Therefore, Australians should consider conducting a quick search – the process takes minutes but could potentially uncover forgotten funds waiting to be reclaimed.