Yahoo Finance Millions of Aussies eligible for share of more than $577 million in free money
The New South Wales Revenue department has loads of unclaimed money gathering dust.
More than $234 million in unclaimed money has been gathering dust for people in New South Wales. The cash comes from unclaimed refunds, overpayments, share dividends, bonds, uncashed cheques and unclaimed cash from the sale of a property.
There's a simple test that residents can take to see if they're owed any slice of that enormous cash pie. All you have to do is hop on the NSW government's website and put your name in to see if you are eligible.
According to Revenue NSW, a further $343 million in unclaimed money is also available for people who live outside the state or for whom there are no available details.
RELATED
Can I inherit debt? What happens to money when you die explained
Answers to 6 biggest property questions Aussies are asking about borrowing money for a home loan
NSW finance minister Courtney H oussos said in a statement people need to be proactive to get their hands on the money.
"With $230 million still available in unclaimed money for people in NSW, I encourage everyone to get online, search the register, and get the money that's owing to you," she explained.
State Revenue Chief Commissioner Scott Johnston added it's far better in your hand "than sitting with us for extended periods of time".
Do you have a story? Email stew.perrie@yahooinc.com
Sydney City and Inner South have a combined $41.2 million in unclaimed money, while North Sydney and Hornsby are the two other largest metro areas on the register with $25.6 million.
The government estimates the average amount of unclaimed money is $391 per person. Over the past decade, more than $15 million has been returned to people.
More than 11,000 letters were sent out by Revenue NSW last year regarding $8 million in unclaimed money, but only a quarter was returned.
How do I check if I'm eligible?
You can jump on the NSW Revenue website here and follow the prompts.
If you're owed any money, your name will appear on the screen and then you can lodge your claim. You will have to provide proof of identity and ownership information documentation to ensure your application is successful.
The website requires people to have one primary and secondary form of identification like a passport and birth certificate.
Because some of the money is linked to an address, you'll also have to hand over proof you once lived there, which can come in the form of a bank statement or bill.
It doesn't cost you any money in order to submit your application. Once you submit all the relevant information, you should hear back within 28 days.
What if I'm not in New South Wales?
Here's a handy list of where to go if you're not a New South Wales resident and want to check if your state has an unclaimed money register.
Federal: search ‘ASIC unclaimed money’
Get the latest Yahoo Finance news - follow us on Facebook, LinkedIn and Instagram.
