Time to claim lost cash
WE all dream of an unexpected windfall, and there may be no better way to kick start 2018 than with some extra cash to your name.
With a bit of digging around, it can be possible to find some forgotten funds you’re entitled to.
To begin with, many state government treasuries are filled with a trove of refunds and overpayments, unpresented cheques and even unclaimed proceeds of sale.
In New South Wales alone, the 2016-17 financial year saw more than 6000 people reunited with a total of $15.4 million in unclaimed money. And there’s plenty more waiting to be claimed across Australia.
Take a look at the website of your state or territory government — most maintain an online database of forgotten cash. If some of the money is yours, it could mean celebrating the New Year with the sort of windfall we all dream about.
Just this week, a colleague of mine did a search of the NSW Office of State Revenue database and found an unpresented cheque for $173 belonging to her grandfather. That’ll bring some cheer to his Christmas.
Next, head to the website of the public trustee or state trustee for your state or territory. You could have an inheritance waiting for you from a long lost family member. Some of the amounts waiting to be claimed are nothing short of impressive. In NSW for instance, a number of unclaimed inheritances are worth well over $10,000.
The real cash prize lies in unclaimed super savings. The latest Tax Office figures show there is $18 billion — yes billion — in unclaimed superannuation, spread over 6.3 million super accounts. Some of it could be yours.
Reuniting with your lost super is easy. You just need to set up a MyGov account and link it to the Tax Office to run an online search.
Okay, if you’re still drawing a blank on lost money, details of forgotten bank accounts, shares, investments and life insurance policies are held with our money watchdog ASIC. And it’s not nickel and dime stuff either.
About $1.1 billion is available to be claimed, and you can check to see if any of it belongs to you by visiting ASIC’s MoneySmart website.