Unclaimed money pot in NSW grows to $500 million
Amid a cost of living crisis, some extra cash might be just the thing you're wishing for.
Short of winning the lottery, there's usually not much chance of being handed free money but for some residents in New South Wales this might be a rare possibility.
NSW Revenue have put out a call for people to check for any unclaimed funds the government agency might be holding on their behalf, after the pot increased from $460 million in 2021 to $500 million in 2023.
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Here are some more details about the money the state government has available.
What is unclaimed revenue?
People may be able to claim money from things such as share dividends, trust accounts, refunds, refunds, commissions, and deceased estates.
"Sometimes, you don't receive money owed to you because you have moved address, changed your name, lost the paperwork or forgotten about it," the government's website explains.
"It's our job to make this information available, so the money can be found and given to the right person."
The government holds the money indefinitely, so in some cases, the money dates back to interrupted transactions that were meant to take place decades ago.
Even if the original intended recipient has since died, there are options for the heirs.
However, deceased estates can be complicated, so people are advised to seek legal advice before submitting a claim if they believe they are entitled to the money left in limbo.
How do I check if I'm owed any money?
The NSW Government has an online portal where people can enter their details to see if they're entitled to any of the holdings.
Once you have searched the database, you will be required to provide proof that you are indeed the owner before the funds will be released to you.
This will require gathering the appropriate proof of identity documentation before you can submit the claim.
Once submitted – and provided you've managed to prove the ownership in a satisfactory manner – "you should expect to receive an outcome within 28 days".
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.