Jun 5, 2013

Australia's unclaimed money - Could some be yours?

While trying to sort out some money mater with ASIC (Australian Securities and Investments Commission) and ATO (Australian Taxation Office) I found this interesting infographic.

There is whopping $677 Million sitting with the government.

Where does unclaimed money go?
Money from unclaimed shares, bank accounts and insurance policies is paid by institutions to ASIC but ASIC does not keep the funds. The money is transferred to the Commonwealth of Australia Consolidated Revenue Fund but is available to be claimed at any time by the rightful owner. There are no time-limits on claiming this money. 
Find out if there is money for you to claim - Do a search.

There are quite a few useful tools at this site: https://www.moneysmart.gov.au/