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Written by Mark Shalovsky

This article continues the series of articles in Community Connect providing financial information that, I hope, will be of benefit to many tenants. The purpose of this article is to set out details of the range of lost money accounts that tenants may be able to make a claim on.

You might be entitled to recover unclaimed or ‘lost’ money that is being held in your name in consolidated accounts by various federal and state government authorities. This can happen, for example, when a government agency, employer, company, bank or superannuation fund owes you money but was unable to contact you to pay it. Perhaps you did not provide bank account details or a forwarding address or you moved address at the time. Perhaps the mistake was only discovered later during auditing.

This issue is surprisingly large. Throughout Australia, over $20 billion being held in these lost money accounts – almost $1,000 per person.

It may seem unlikely that lost money is being held in your name but, with information on how to go about it, you can search for any lost money online readily and for free.

The main categories to search for are refunds from federal and state government agencies, lost tax refunds, unpaid wages, unpresented cheques and balances in dormant bank accounts and superannuation funds.

I suggest the following five searches:

• Search the website of the for lost tax refunds and superannuation. For lost tax refunds, search for the commentary on ‘Missing Tax Return Refunds’. If the tax refund was paid into a bank account that has since been closed, then the money will be held in your name by the Reserve Bank of Australia. For lost superannuation, the easiest approach is to search for it through your account. Otherwise, search for the commentary on ‘Searching For Lost Super’ and complete the form, ‘Searching For Lost & Unclaimed Super’.

• . Search the that ASIC provides for consumers for lost company shares and dividends, dormant bank accounts, lost investments and unclaimed life insurance. To search, go to the ‘Tools & Resources’ section and then to the ‘Unclaimed Money’ subsection and read the commentary, ‘Find Unclaimed Money’. When bank accounts remain dormant for seven years or life insurance is not claimed within seven years, ASIC transfers the money to the Commonwealth of Australia Consolidated Revenue Fund. There are no time limits. It can still be claimed with interest.

• Search the website of the for unpaid wages. To search, go to the ‘About Us’ section and then go to the ‘Community Assistance’ subsection and then to Search for ‘Unpaid Wages’ and read the ‘Unpaid Monies’ factsheet. The Fair Work Ombudsman often becomes aware of unpaid wages when it examines the wage records of employers. This can result from an investigation following a complaint by a trade union or a worker. It can also result from random audits of employers in particular industries that are of concern.

• . Search the website of the for unpaid wages, unpresented cheques and refunds owing by state government departments and agencies. To search, go to the ‘Unclaimed Money’ section and then to the Search and ‘Make a Claim’ subsection then read the commentary, ‘Search and Make a Claim’ and watch the video, ‘Unclaimed Money for Individuals and Joint Owners’.

• Finally, search the website of the to see if you have any claim on a deceased estate. To search, go to the ‘Browse Services’ section and then to the ‘Deceased Estates’ subsection and then to ‘Find a Will’. You will need to know the deceased’s full name, final address, date of birth and date of death.

The details in this article are accurate as of 6 February 2023 and they may change.