THE NSW Government’s unclaimed money system has been updated and streamlined, making it easier for people to claim their share of $638 million currently in the fund.
The unclaimed money register holds overpayments, refunds, dividends, uncashed cheques, NSW Public Sector superannuation and other money owed to individuals who can’t be tracked down.
Revenue NSW has launched a new system to help reduce the barriers required to make a claim.
By allowing for streamlined ID checks through a Service NSW account, a new system to easily upload any required documentation, and a new feature which tracks application status, it’s hoped that even more money can be returned.
In 2023-24, more than $22.3 million was returned to individuals, a 59 per cent increase on 2022-23, and the highest on record. Since 1 July 2014, more than $161 million has been returned.
Revenue NSW also undertakes extensive work to proactively identify individuals who may have unclaimed money. In 2023-24, it sent 12,407 letters alerting them to possible claims and assisting them with the process.
Updates to the unclaimed money system also include a new portal to enable enterprises to provide better quality data to Revenue NSW. This will streamline the process for claimants to find any money owed to them.
So far this financial year, $63.1 million has been sent to Revenue NSW, bringing the unclaimed money fund to a total of $638 million. This includes $268 million claimable by residents of NSW. The average amount available to claim is $370.
In metropolitan Sydney, residents of the City and the Inner South have the most to claim with $46.6 million (an average amount of $541), followed by North Sydney and Hornsby $29.5 million (an average amount of $389).
In regional NSW, residents of Newcastle and Lake Macquarie have $8.2 million to claim (an average amount of $329), while residents of the Illawarra can claim $6.5 million (an average amount of $276).
It’s free to search the unclaimed money register, and Revenue NSW does not charge any commission on successful claims. Once the necessary documentation has been provided and confirmed by Revenue NSW, funds are sent to the individual within 28 days.
Minister for Finance Courtney Houssos said a record was set last year , when more than $22 million was given back to families and households across NSW.
“We want to get this money back to families and households as quickly and easily as we can. The changes we’ve made to the unclaimed money system will help make that process easier,” she said.
“By making sure that businesses that send information to the unclaimed money fund include basic information, we can get started matching people with their unclaimed money even sooner.
“I thank NSW-based enterprises for transferring money into the unclaimed money fund that they’ve been unable to return to their rightful owners, so that the NSW Government can try to do so.
“We encourage you to jump on the updated website and see if any of the unclaimed money belongs to you.”
Chief Commissioner of State Revenue Scott Johnston said the new enterprise portal requires businesses and corporations to provide the information Revenue NSW needs to re-unite residents in NSW, Australia and overseas with unclaimed money.
“With Revenue NSW consistently seeing more money lodged than it’s able to return, the portal will help the agency continue to give more and more unclaimed money back to those it’s owed to,” he said.
For more information on unclaimed money and to search the new register, people can visit the Revenue NSW website https://www.revenue.nsw.gov.au/unclaimed-money
