During this financial year, a remarkable $21.8 million (US$14.5 million) in unclaimed money has been returned to households and businesses in New South Wales (NSW). However, there is still a substantial $234 million waiting to be claimed.
Revenue NSW holds onto various types of unclaimed money such as payments, refunds, unpresented cheques, dividends, and more when individuals move, pass away, change their name, or lose important paperwork.
Last year, the department sent out over 11,000 letters regarding unclaimed money totaling $8 million, but only about a quarter of that amount was eventually claimed.
Encouraging individuals to search the unclaimed money register, NSW Finance Minister Courtney Houssos stated, “With $230 million still available in unclaimed money for people in NSW, I encourage everyone to get online, search the register, and get the money that’s owing to you.”
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An additional $343 million is waiting to be claimed by individuals outside of NSW or for whom there are no available details.
The average amount of unclaimed money owed is $391, and the revenue office has successfully returned over $150 million in the past decade. However, more money is being referred to the office than is being claimed, according to state revenue chief commissioner Scott Johnston.
“We want to ensure that everyone is aware of the unclaimed money register so they can easily check online, see if any money is owed to them, and go through the necessary steps to claim it back,” stated Mr. Johnston in a press release.
The register can be searched for free, and Revenue NSW processes the money within 28 days of verifying the applicant’s supporting documents.
