The New South Wales government says it has returned a record $21.8m of “unclaimed money” to people across the state in the past financial year.
But Revenue NSW is still holding more than $234m owed to residents.
Here’s what you need to know:
What is unclaimed money and who oversees it?
Revenue NSW, the state government’s revenue management agency, holds unclaimed money on behalf of organisations that can’t track down people they owe payments, refunds, unpresented cheques, dividends and other money to.
Typically, unclaimed money is referred to Revenue NSW when someone has moved address, changed their name, lost the relevant paperwork, changed banks or had a relative die.
How much unclaimed money is there in NSW?
The NSW government has returned more than $154m in unclaimed money since 2014/15.
Despite this, Revenue NSW is still holding more than $234m for people in the state.
A further $343m in unclaimed money is available to claim for people who live outside NSW or for whom there are no available details, according to the government.
The government says the average amount of unclaimed money owed on the register is $391.
The chief commissioner of state revenue, Scott Johnson, and the finance minister, Courtney Houssos, have encouraged people to use Revenue NSW’s unclaimed money register to see if they are owed anything.
Which areas of Sydney and NSW have the most unclaimed money?
The Sydney metro areas with the most unclaimed money are the city and inner south, where combined more than $41m is owed to residents. These are the top five areas:
In regional NSW, people in Newcastle and Lake Macquarie are owed the most unclaimed money. These are the top five regional areas:
How can I check if I’m owed unclaimed money and how do I make a claim?
You can search your name on Revenue NSW’s unclaimed money portal, which is on its website. If you are owed anything, the agency should have a record of it. You can then lodge a claim through the portal.
You will need to gather your proof of identity and ownership information documentation. You will need one form of primary ID, such as a drivers licence or Australian passport, and one form of secondary ID, such as a Medicare card or a birthcertificate.
You’ll also need to prove your connection to the last known address at the time the money was sent to Revenue NSW by providing a copy of one official document that matches the details, such as a rates notice, bank statement or lease agreement.
If you are unable to provide a connection to the address recorded in Revenue NSW’s system, the agency says you must provide a letter from the entity that sent it the money confirming you are its rightful owner.
Revenue NSW says you should expect to receive an outcome within 28 days.
If you have found money held in the name of someone who has died that you are entitled to, there is a separate deceased estates claims process.
