Under the Unclaimed Money Act 1971, entities (for example, financial institutions and insurance companies) transfer money not claimed after a prescribed length of time (usually 6 years) to Inland Revenue. The funds are repaid to the entitled owner on proof of identity.
Unclaimed money that is received or held by Inland Revenue becomes unclaimable when there is no identifying information, the amount is less than $100 or the money is unclaimed for 25 years or more.
Last updated:
02 Sep 2022