Residents of New South Wales are eligible to claim funds totaling more than $500 million. The pile of money, which exceeds $570 million, has been accumulated from bonds, uncashed checks, unclaimed money from the sale of a property, unclaimed refunds, commissions, and share dividends.
According to Finance Minister Courtney House, the money was not claimed for several reasons; Such as payments, refunds, dishonored checks, dividends, and other unclaimed money when people move, die, change their name, or lose relevant paperwork.
A further $343 million is available to claim for people outside of NSW or for whom there are no available details.
“This might be because someone has changed their name… or changed their address,” she said. “We want to give it back to you before Christmas.” The areas with the most unclaimed cash include the inner south, North Sydney and Hornsby, the Inner southwest, Eastern Suburbs and Inner West.
How does it work?
- The register is free to search.
- Revenue NSW sends the money within 28 days of verifying an applicant’s supporting documents.
- The department contacts people to return their funds.
NSW Finance Minister Courtney Houssos is encouraging people to search the unclaimed money register.
The average amount of unclaimed money owed is $391 and the revenue office has returned more than $150 million over the past decade.
Revenue NSW sent more than 11,000 letters for unclaimed money worth $8 million last year. But only around a quarter of that was ultimately returned.
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