Australians have $2.6 billion in unclaimed money. Here’s how to check if some of it is yours

How to search for unclaimed money

Did you know that there is around $2.6 billion in lost shares, bank accounts and life insurance in Australia?

Some of it could belong to you, and it’s free and easy to check using the unclaimed money search tool on the Australian Securities and Investments Commission (ASIC) website.

What is unclaimed money?

Under Australia’s unclaimed money laws, financial services providers and other organisations are required to send any unclaimed money to ASIC.

Once received, the money is then transferred to the Commonwealth of Australia Consolidated Revenue Fund.

ASIC maintains a register of unclaimed money and helps reunite rightful owners with funds they have lost.

Unclaimed money can include funds from:

• Bank accounts – if the account has been inactive (no deposit or withdrawals) for 7 years.

• Life insurance policies – become unclaimed 7 years after the policy matures and is not claimed.

• Shares and investments – if a company cannot contact a shareholder for more than 6 years.

• Managed investment schemes – if a member cannot be contacted for more than 6 years.

• Deregistered companies, liquidations, and winding up of investment schemes.

Keep in mind that state governments may also hold unclaimed money from deceased estates and other sources, and they have separate tools you can use to search.

Meanwhile, the Australian Taxation Office (ATO) handles lost superannuation. You can search for lost super using the ATO’s online services in MyGov.

How to make sure your money doesn’t get lost

To ensure your money doesn’t end up on the unclaimed money register, there’s a few things you can do:

• Make sure your details are kept up to date with banks, share registries, superannuation providers and other financial providers.

• Check old bank accounts. If they are inactive, and you want to keep them open, ensure that there is a deposit or withdrawal within the 7-year timeframe.

• Consider consolidating your finances, for example closing inactive bank accounts. It can make things easier to manage, and it may also help you save money on account fees.

Find lost money? Consider topping up your super

If you found that you’ve got some money owed to you, it could be an opportunity to invest.

For example, you could consider using the money to make a super contribution.

Vanguard research has shown that a single $1,000 contribution at age 30 could grow to more than $8,400 by retirement, thanks to the power of compound interest.1

If you’ve made a personal after-tax contribution to your super, you may be eligible to claim a tax deduction for it.

This allows you to treat the contribution as a concessional one, which means it’s taxed at 15% rather than your marginal tax rate and has the same after-tax outcome as if you had made a salary sacrifice contribution. For more information, visit the ATO website.

You’ll need to consider your own financial goals and personal circumstances before deciding if this strategy is right for you.

It’s also important to understand the rules and contribution limits around concessional contributions to avoid exceeding caps.

1. The above examples are illustrative only and are based on the factors stated. It should not be taken to contain or provide an estimate or forecast. This information is not a substitute for tax advice. It has been prepared based on a set of assumptions which may not be applicable to you. If you are in any doubt about your personal tax position, we recommend that you seek tax advice from a registered tax agent.

Assumes 15% contributions tax on voluntary super contributions and gross investment returns of 6.4% based on the 10-year average annualised rate of return published in the APRA Annual Superannuation Bulletin (January 2025). Past performance should not be relied upon, and is not, an indication of future performance.

Source: This article has been reprinted with the permission of Vanguard Investments Australia Ltd. Copyright Smart Investing™

Important:

Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page. 

Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the licensee or any of the Infinity group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document. Before making a decision to acquire a financial product, you should obtain and read the product disclosure statement (pds) relating to that product. Past performance is not a reliable guide to future returns. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue.