More than $12 million in unclaimed money is sitting in accounts linked to North Coast addresses, with residents urged to check whether some of it belongs to them.
Figures from the NSW unclaimed money register show $7.14 million is currently tied to 24,751 items linked to Coffs Harbour and the Mid North Coast, while a further $4.91 million across 15,423 items is registered to addresses in the Richmond and Tweed region.
The funds are being held by Revenue NSW after businesses were unable to locate the rightful owners.
Unclaimed money is money people are legally entitled to but have lost track of over time. It often arises when people move house, change their name, lose paperwork, or when estates are unaware of funds held in the name of a deceased relative. Common sources include uncashed cheques, refunds, dividends and overpayments.
Across NSW, almost $300 million is currently sitting in the unclaimed money pool, spread across more than 800,000 individual items. While Sydney regions account for the largest share, regional NSW collectively holds tens of millions of dollars that could be returned to households.
On the North Coast alone, the combined total for Coffs Harbour, the Mid North Coast, Richmond and Tweed represents more than 40,000 separate items of unclaimed money, ranging from small amounts to significant sums.
In addition to funds linked to NSW addresses, Revenue NSW also holds $394 million for people registered at addresses outside the state.
The NSW Government says recent system upgrades have made it easier for people to reclaim what they are owed. Last financial year, more than $21 million was returned to rightful owners across NSW.
Changes introduced last year included improved integration with Service NSW to help verify identities during the claims process, and a reduction in the timeframe for businesses to transfer unclaimed funds from six years to two. The government says this ensures money is identified and returned sooner.
Minister for Domestic Manufacturing and Government Procurement Courtney Houssos said too many people were still unaware they had money waiting for them.
“Almost $300 million is sitting unclaimed, and we want to make sure as much of that as possible finds its way back to families,” she said.
“Last financial year, Revenue NSW returned more than $21 million to its rightful owners. With these new reforms, we’re making it faster and easier for people to get what they’re owed.
“While Revenue NSW regularly contacts potential owners, incomplete data means people are sometimes missed. That’s why we’re encouraging everyone to take a few minutes to check online – you might be surprised with what you find.”
Residents can search the unclaimed money register by name and address, and if a match is found, submit a claim with proof of identity and their connection to the funds. Claims are typically processed within about a month.
To find out if you have any unclaimed money, you can search the Revenue NSW website at www.revenue.nsw.gov.au/unclaimed-money.
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