Millions in Unclaimed Funds: Check if You're Owed Money!
Nearly a million Australians, including potentially international students and temporary visa holders, are collectively owed $274 million in unclaimed funds. These funds can be from various sources like old bank accounts, investments, or even forgotten Medicare benefits. This guide helps you easily check if you're entitled to any of these forgotten funds.
As an international student or temporary visa holder in Australia, every dollar counts. What if you're unknowingly owed money? The good news is, there's a significant pool of $274 million in unclaimed funds waiting to be reunited with its rightful owners across Australia, and you might be one of them.
What are Unclaimed Funds?
Unclaimed funds can arise from a variety of sources. This could include old bank accounts you've forgotten about, lost shares, life insurance policies, or even unpresented cheques. Crucially for students and temporary residents, this can also extend to superannuation (retirement savings) contributions from part-time work, or even forgotten Medicare benefits if you were eligible and utilized the healthcare system.
The average amount owed per person is around $280, which could be a welcome boost for your living expenses, tuition, or simply a treat. The Australian government and various agencies hold these funds until they are claimed.
Why You Might Be Owed Money
Many international students and temporary visa holders move frequently, change bank accounts, or might not stay long enough to keep track of every financial interaction. This often leads to funds becoming 'unclaimed'. For instance, if you worked a casual job, you might have unclaimed superannuation contributions. If you used Medicare under specific visa conditions, there could be uncashed benefit cheques.
How to Check for Your Unclaimed Money
Checking if you're owed money is straightforward and free. The primary portal for checking is the Australian Tax Office (ATO) website, which manages a significant portion of unclaimed money. There are also state-based treasuries that handle specific types of unclaimed funds.
Key steps to take:
- Visit the ATO's Unclaimed Money Search: Head to the ATO's dedicated portal. You'll typically need to enter your name and date of birth.
- Check State Revenue Offices: For some types of funds, like abandoned property or certain trust accounts, you might need to check the unclaimed money registers for the state or territory you resided in (e.g., NSW Revenue, Victorian Treasury).
- Superannuation: If you've worked in Australia, you may have multiple superannuation accounts, or an account with unclaimed super. You can often consolidate or find these via your myGov account linked to the ATO.
The process is designed to be simple, and claiming your money once found usually involves verifying your identity and providing relevant documentation.
Don't let valuable funds sit forgotten. Taking a few minutes to check could put hundreds of dollars back in your pocket – money that is rightfully yours.
Source: SBS News (https://www.sbs.com.au/news/article/medicare-unclaimed-benefits-how-to-check/dtop6vtvc)
Related on Australian Student
Frequently asked questions
What kind of money can be unclaimed?
Unclaimed money can include old bank accounts, lost shares, life insurance payouts, unpresented cheques, superannuation, and even forgotten Medicare benefits or trust accounts.
Is there a fee to check for unclaimed money?
No, checking for unclaimed money through official government websites like the ATO is completely free. Be wary of services that charge a fee to do this for you.
What if I'm no longer in Australia?
You can still check for unclaimed money even if you've left Australia. The process for claiming may require additional steps for identity verification from overseas, but the money is still yours to claim.