Residents of New South Wales are being called upon to check whether they are entitled to a portion of a massive $300 million pool of unclaimed money held by the state government.
What Constitutes the Unclaimed Money Pool?
The substantial sum, managed by Revenue NSW, comprises funds from a variety of sources. These include overpayments, uncashed cheques, unclaimed dividends, refunds, and other payments owed to individuals whom authorities have been unable to contact.
Money typically goes unclaimed when people move house or change their name without updating their details with relevant businesses. Other common reasons include losing important paperwork or when the estates of deceased relatives are unaware of funds belonging to them.
Geographical Breakdown and Interstate Eligibility
The area with the highest amount of unclaimed money is Sydney's city and eastern suburbs, where more than $91 million is waiting to be claimed. Western Sydney follows with approximately $77 million unclaimed. In the regional areas, residents of the Central Coast and Hunter have a combined $22 million to claim.
Critically, the scheme is not limited to those living within NSW borders. Residents outside of NSW who have conducted business in the state may also be eligible. There is an additional $395 million specifically for people registered at interstate addresses.
Government Reforms to Streamline Claims
The Government Procurement Minister, Courtney Houssos, emphasised the government's desire to return funds to their rightful owners. "We want to make sure as much of that as possible finds its way back to families," Houssos stated.
She highlighted that Revenue NSW returned over $21 million last financial year and flagged upcoming legislative changes designed to make the process faster and easier. A key reform will see the time businesses can hold on to unclaimed money reduced from six years to two, accelerating its transfer to the central pool.
"With these new reforms, we're making it faster and easier for people to get what they're owed," the minister added.
How to Check and Claim Your Money
Individuals can search for their name on the dedicated Revenue NSW unclaimed money portal and lodge a claim directly if they find an entry.
The claims process requires applicants to provide:
- Two proof of identity documents, such as an Australian driver's licence, proof of age card, birth certificate, or Medicare card.
- One official document proving a connection to the money, like an old utility bill, bank statement, or residential lease agreement.
Revenue NSW advises that once a claim is submitted, verification can take up to 28 days to ensure the claimant is legally entitled to the funds.
