How to Find Unclaimed Money Owed to You

What Is Unclaimed Money?

Unclaimed money is money held by the government or financial institutions that belongs to you but has not been claimed. Common sources include forgotten bank accounts, shares and dividends, life insurance policies, and over $20 billion in lost superannuation. The Australian Securities and Investments Commission (ASIC) maintains a national unclaimed money database that is free to search.

Search ASIC's Unclaimed Money Register

ASIC holds over $2 billion in unclaimed money from bank accounts, shares, and life insurance policies. You can search for free at moneysmart.gov.au. Simply enter your name or the name of someone you are searching for (such as a deceased relative). If there is a match, you can lodge a claim online. ASIC will verify your identity and process the payment.

Find Lost Super

Lost super is the largest category of unclaimed money. You can search for lost super through myGov by logging into your account and linking to the ATO. The ATO shows all super accounts linked to your Tax File Number, including accounts from previous employers. If you have multiple accounts, you can consolidate them into one — reducing fees and making your savings easier to manage. You can also search for lost super through your super fund directly.

State Government Unclaimed Money

Each state and territory in Australia also holds unclaimed money from sources like rental bonds, court deposits, and trust accounts. You can search for free on each state's revenue office website. There is no central national database for state-held money, so you need to search each state individually if you have lived in multiple locations.

How Your SOA Should Address This

If you are receiving financial advice, your adviser should check whether you have lost super or unclaimed money as part of your overall financial plan. Consolidating lost super can reduce fees and improve investment returns. Your Statement of Advice should reference your total super position, including any consolidated or recovered accounts.

Types of Unclaimed Money in Australia

There is over $2 billion in unclaimed money held by various government agencies in Australia. The main types include: lost and unclaimed superannuation (held by the ATO), forgotten bank accounts (held by ASIC), unclaimed dividends and shares (held by ASIC), unclaimed insurance proceeds, uncashed cheques from government agencies, and unclaimed funds from state and territory revenue offices.

The most common source of unclaimed money is lost super. The ATO estimates there is over $18 billion in lost and unclaimed super held across multiple accounts. Many Australians have lost super from previous jobs that they have not consolidated into their current fund. Consolidating these accounts can save on fees and make it easier to manage your retirement savings.

How to Search for Unclaimed Money

Searching for unclaimed money is free and straightforward. For super, log into myGov and link your account to the ATO. The ATO will show all your super accounts including lost and unclaimed ones. You can consolidate multiple accounts directly through myGov. For unclaimed bank accounts and shares, search the ASIC MoneySmart unclaimed money database at moneysmart.gov.au.

For state-based unclaimed money, check your state or territory revenue office website. Each state maintains a register of unclaimed money including rental bonds, trust funds, and deceased estates. Do this search annually, as new unclaimed funds are transferred to government agencies regularly.

Beware of Unclaimed Money Scams

Scammers know that people are interested in unclaimed money and often send fake emails, SMS, or letters claiming to have found unclaimed money in your name. They may ask you to pay an upfront "search fee" or "administration fee" to release the money. These are scams — all legitimate unclaimed money searches are free, and government agencies never charge fees.

Legitimate unclaimed money services never ask for your bank details or personal information via email or SMS. Always access unclaimed money databases directly through official government websites (not through links in emails). If you receive a suspicious message about unclaimed money, forward it to Scamwatch.

Frequently Asked Questions

How long does it take to claim unclaimed money?
The time varies depending on the type of money and the agency holding it. ATO super claims are typically processed within a few days. ASIC unclaimed money claims may take 2-4 weeks. State-based claims can take 1-3 months.

Do I need to pay tax on unclaimed money I recover?
Unclaimed super is taxed when withdrawn from the super system (depending on your age and the component). Unclaimed bank accounts and dividends are not taxable when recovered. The interest earned while the money was unclaimed may be taxable.

What happens to unclaimed money if no one claims it?
Unclaimed money is held indefinitely by the government agency. There is generally no time limit on claiming it. Even if the original owner has died, their estate can claim the money.

Can I search for unclaimed money on behalf of a deceased relative?
Yes. If you are the executor or administrator of a deceased estate, you can search for and claim unclaimed money belonging to the deceased. You will need to provide proof of your authority.