We’ve all found money behind the couch. Tucked away in a drawer, or in an old jacket.
While some loose change is always appreciated, it’s just the tip of the iceberg.
Australians have around $15 billion in lost and unclaimed money floating around thanks to old and forgotten bank accounts, insurance policies, shares, and super accounts.
The good news is it’s easy to run a search and find out if some of it is yours.
How do you lose money? It’s far more common than you may think, and it usually happens when people move house and forget to update their details.
Moving is stressful at the best of times, and amidst all the chaos it’s easy to overlook a call to the bank, your insurer, or other financial institutions. Next thing you know your statements are being ‘returned to sender’ and your account is flagged ‘inactive’.
If a bank account, investment portfolio or insurance policy is inactive for seven years, the balance is transferred to the Australia Consolidated Revenue Fund held by ASIC.
There are also state based agencies that administer unclaimed money from deceased estates, share dividends, salaries and wages, trust money, etc.
If you’re looking for lost or unclaimed money, don’t forget super.
According to the Australian Taxation Office (ATO) the Federal Government holds over $13.8 billion in unclaimed or lost super.
A super account can become inactive due to several reasons, but the government looks for three key criteria:
If the above conditions are met the account will be closed and the money will be transferred to the ATO.
It’s easy to search for lost or unclaimed money.
Your first port of call should be the Government’s MoneySmart website. Its unclaimed money tool allows you to conduct a search with just your name. It also includes all the forms you need to get that money back into your account if you find something.
If that initial search doesn't log anything you can continue the search with the following tools:
Your super fund can also help. We can conduct a search for lost super and then consolidate it with the press of a button. Simply login to your account, or, alternatively, try our new search tool.
Having all your super in one account means you may save money, since you're not doubling up on fees. It also allows you to manage your super from one account, which makes things nice and easy.
Just remember, rolling your money out and closing these accounts will cancel any insurance you may have - you should consider the effects of cancelling insurance cover before making any changes.
Nobody likes to lose money. The good news is that there are various government supported tools to help you look.
10 minutes double-checking the above links could make your day.
Authorised by Togethr Trustees Pty Ltd (ABN 64 006 964 049; AFSL 246383) ('Trustee') the trustee of the Equipsuper Superannuation Fund (ABN 33 813 823 017). Catholic Super is a division of the Equipsuper Superannuation Fund (ABN 33 813 823 017). Financial advice services may be provided to members by the trustee's related entity.
Togethr Financial Planning Pty Ltd (ABN 84 124 491 078; AFSL 455010). The information contained herein is general information only. It has been prepared without taking into account your personal investment objectives, financial situation, or needs. It is not intended to be, and should not be, construed in any way as investment, legal or financial advice. Please consider your personal position, objectives, and requirements before taking any action. Past performance is not a reliable indicator of future performance.
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