The NSW Government’s unclaimed money system has been updated and streamlined, making it easier for people to claim their share of $638M 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 $22.3M was returned to individuals, a 59% increase on 2022-23, and the highest on record. Since 1 July 2014, more than $161M 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, $63.1M has been sent to Revenue NSW, bringing the unclaimed money fund to a total of $638 million. This includes $268M 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 $46.6M (an average amount of $541), followed by North Sydney and Hornsby $29.5M (an average amount of $389).
In regional NSW, residents of Newcastle and Lake Macquarie have $8.2M to claim (an average amount of $329), while residents of the Illawarra can claim $6.5M (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.
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>.
