You may be owed money — here’s how to check
The government is sitting on more than $20 billion dollars in unclaimed money, owed to people who have long forgotten old accounts, dividends or policies.
Holidays and gift giving can leave you a little short of cash so it might be cheering to learn that billions of dollars is being held by various government agencies just waiting to be claimed by the rightful owners.
The biggest pot is lost superannuation. The Australian Taxation Office (ATO) is holding more than $17.8 billion worth of super for fund members who have become uncontactable.i
Next, there is more than $2.3 billion in money from bank accounts and life insurance policies that has not been claimed for more than seven years. These funds are administered by the Australian Securities & Investments Commission (ASIC).ii
Meanwhile, there is more than $241 million in unclaimed Medicare benefits held by Services Australia. In this case, the patients haven’t provided current bank details to Medicare.iii
Finally, all state and territory governments are holding unclaimed money from many different sources including deceased estates, share dividends, salaries and wages, cheques, trust money, overpayments and proceeds of sales.
It is important to know that searching the various government databases is free. It may take some time and involve a search for old paperwork to prove you once held an account, but anyone can achieve it. Beware of businesses that search the databases and then get in touch to offer their services for a fee.
Are you missing super?
It can be easy to lose track of super if you have changed jobs several times and your employers have paid your compulsory super into different funds.
You can end up with a number of super accounts with small amounts in each. The ATO says almost four million people have more than one account.iv
The ATO has come up with a “super health check” to help you search for any lost accounts and to update your contact details. You can access this tool here.
The health check also allows you to make sure your employer contributions are being made as expected. The ATO has ramped up its audits and reviews of employers to check that compulsory super is being paid to employees.
It says that, while more than 92 per cent of super entitlements are paid without ATO intervention, in the past year alone it has tracked down $932 million of super owed but unpaid to 797,000 employees.v
Employers need to pay super in full, on time, and to the right fund, each quarter by the 28th day of October, January, April and July, the ATO says.
How to find money in old accounts
Tracking down long-forgotten bank accounts, shares, investments and life insurance policies is possible with ASIC’s simple unclaimed money tool.
Enter your name in the search and keep trying with variations including initials and last name, first and last name and all names.
If you find a record that appears familiar you can lodge a claim using proof that connects you to the account mentioned. ASIC says you can expect a response within 60 days.
Remember to also check state and territory governments’ websites for unclaimed money from a host of other sources. Sometimes funds can be found in unexpected places. For example, missing share dividends may be lodged with an agency in the state in which the company is based. You can see a list of the agencies’ websites here.
Finding your Medicare benefits
If you are not receiving the Medicare benefits you’re entitled to, it is likely that your bank account details are either not lodged with Medicare or they are incorrect.
You’ll need to set up a myGov account then link your Medicare account. From there you can check that your details are correct.
It may take a bit of time to find your information and track down proof of old accounts, but it could pay off with an unexpected windfall.
Contact Carrick Aland’s Wealth Planning team on 1300 466 998 or visit carrickaland.com.au/wealth-planning/.
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i Total lost (fund-held) and ATO-held super | Australian Taxation Office
iv Trend towards single accounts | Australian Taxation Office
v Super action sees over $900 million super returned | Australian Taxation Office
