Key Points
- The average amount of unclaimed money owed is $391.
- Revenue NSW sent more than 11,000 letters for unclaimed money last year.
- The department has returned more than $150 million over the past decade.
A record $21.8 million in unclaimed money has been returned to NSW households and businesses this financial year, with a further $234 million still up for grabs.
Revenue NSW holds payments, refunds, unpresented cheques, dividends and other unclaimed money when people move, die, change their name or lose relevant paperwork.
A further $343 million is available to claim for people outside of NSW or for whom there are no available details.
How does it work?
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- Revenue NSW sends the money within 28 days of verifying an applicant’s supporting documents.
- The department contacts people to return their funds.
NSW Finance Minister Courtney Houssos is encouraging people to search the unclaimed money register.
“With $230 million still available in unclaimed money for people in NSW, I encourage everyone to get online, search the register, and get the money that’s owing to you,” she said.
NSW Finance Minister Courtney Houssos is encouraging people to go online to see if they are owed money. Source: AAP / Dan Himbrechets
How much has been returned?
The average amount of unclaimed money owed is $391 and the revenue office has returned more than $150 million over the past decade.
Revenue NSW sent more than 11,000 letters for unclaimed money worth $8 million last year. But only around a quarter of that was ultimately returned.
State Revenue chief commissioner Scott Johnston said more money was being referred than was being claimed.
“We want to make sure everyone knows about the unclaimed money register, so they can jump online, find out if any money is owed to them and undertake the process to get it back,” Johnston said in a statement.
“That way we can ensure more money is being returned to those it belongs to, rather than sitting with us for extended periods after enterprises and organisations pass it on.”