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There is around $1.1 billion in lost shares, bank accounts and life insurance.

Here at Omnia Group, we are always finding ways for our clients to strengthen their financial growth..and the Australian government are also trying to help.

With over a billion dollars unclaimed, how much of this could be yours? The best part about it, is finding it is as simple as entering in your name to the government website!

Some people lose their money when the finance companies lose touch with you. When ASIC receives money like this, they will transfer it to to the Commonwealth of Australia Consolidated Revenue Fund. The funds are still allocated to the name of the person, so that it can be claimed.

In order to claim the unclaimed money, an application form is filled out and submitted to the company. Once approved it can be transferred back into the nominated bank account.

If you think you may have unclaimed funds, it’s a good idea to address this with your financial adviser. However, you can also find all the information on this here.

 

There are also further sites that you can check for unclaimed funds:

  • Australian Taxation Office – Search for lost superannuation by registering for the Australian Taxation Office’s online services via myGov.
  • State government – Search State government websites for deceased estates, lost share dividends, salaries and wages, cheques, over-payments, proceeds of sale and more.
  • Fair Work Ombudsman – Search the Fair Work Ombudsman website for unpaid wages.

 

Resourse: moneysmart.gov.au