Unclaimed assets in Australia

Overview

Australian unclaimed money sits in three places. ASIC holds unclaimed money from bank accounts, life insurance and shares, searchable free on MoneySmart. The ATO holds lost and unclaimed superannuation — almost A$19 billion nationally — found through myGov. State and territory revenue offices hold everything else: deceased estates, rental bonds, unpaid wages and refunds. Most guides cover the first two and forget the third. Money does not expire once it reaches ASIC or the ATO, and ASIC pays interest on amounts held since 1 July 2013.

How to search

1. 1

   Bank, insurance and shares — ASIC via MoneySmart

   ASIC is responsible for unclaimed money from authorised deposit-taking institutions, life insurance companies, benefit fund friendly societies, and companies that have been deregistered. The search is free and needs no account.

   • Search on moneysmart.gov.au by surname, and repeat for every former name and spelling.
   • Search deceased relatives' names too — estate claims are a normal part of the process.
   • If you find a match, follow the claim route shown. Bank and insurance money is often claimed through the institution rather than from ASIC directly.
   • ASIC generally takes up to 60 days to process a claim once it has the correct documentation; from outside Australia it takes longer.

   Dormancy is set by law: a bank account is generally unclaimed after seven years of inactivity, a life insurance policy seven years after it matures unclaimed, and shares after a company cannot contact the holder for six years or more.

2. 2

   Lost superannuation — the ATO through myGov

   Super is the largest category by value and the easiest to find, because the ATO already holds the records against your tax file number.

   • Sign in to myGov and link your account to ATO online services, then open Super.
   • You will see every super account held for you, including anything held by the ATO itself, shown as "ATO-held super".
   • Consolidate accounts into one fund to stop paying multiple sets of fees, or withdraw ATO-held super if you meet the conditions.
   • No myGov account? Phone the ATO's automated super search on 13 28 65, or download the paper search form.
3. 3

   Everything else — your state or territory revenue office

   This is the step most people skip. State and territory offices hold categories ASIC and the ATO never see: unclaimed deceased estates, rental bonds, unpaid wages, trust money and various refunds.

   • Search the revenue office or treasury of every state and territory the person lived or worked in — not only the current one.
   • Each runs its own register with its own claim form. All are free.
   • For a deceased person, check the state where they died as well as where they lived.

Asset types held

Documents you'll typically need

• Photo ID — driver's licence or passport
• Proof of ownership or a prior address — old bank statements, insurance paperwork, or correspondence from the institution
• A myGov account linked to the ATO for anything involving superannuation
• Tax file number, which is how the ATO matches super to you
• If claiming for someone who has died: a death certificate, and probate or letters of administration
• For company or trust money held by ASIC: certified copies of winding-up documents, the trust deed and the final tax return