2005 media releases
Inland Revenue seeks owners of forgotten money
11 November 2005
More than 5,000 people could be in for a welcome surprise. Inland Revenue has around $4.8 million of forgotten and abandoned money waiting to be distributed to its owners.
Most of the unclaimed money comes from deposits left in financial institutions such as insurance proceeds, and also includes unclaimed funds such as cheques or wages. Under the Unclaimed Monies Act 1971, funds left untouched for more than six years are required to be paid to Inland Revenue.
"Initially, it is the responsibility of the institution holding the funds to make every effort to locate the proper owner of the money before paying it to the department," says Inland Revenue's acting chief financial officer Vanessa Johnson. More than $29 million of unclaimed monies has been received by the department since 1992.
Currently, the average amount unclaimed is $947.39 and the largest single amount of unclaimed money owed to a company or individual is $76,528.16.
People who believe they are entitled to unclaimed money are advised to forward their name, address, IRD number, and proof of identity such as a copy of a birth certificate, driver's licence or passport, along with evidence that they have dealt with a person or organisation that may have paid the funds in to Inland Revenue to:
Unclaimed Money, BusinessDirect, Inland Revenue, PO Box 895, Wellington.
The list will be published in the Sunday News from 13 November and is available for viewing at unclaimed monies.
Other media releases this year
- Tip-off leads to jail sentence for dishonest tax agent
- Family assistance payments to be available early
- Inland Revenue releases new tax rules for people who host boarders
- GST fraud gets jail sentence for Auckland property developer
- Family Assistance Payments to be made early
- High Wealth programme brings in millions of extra tax dollars
- Identity theft, fraud lead to jail for Palmerston North man
- Reimbursement for the use of a private motor vehicle
- Hamilton man sentenced on tax fraud
- Auckland consultant gets 12 months in jail for GST fraud
- Inland Revenue signs Hewlett Packard to supply Notebook Computers
- Tauranga man jailed for horticultural tax evasion
- New Zealand and Australian tax help for business
- Salary and wage earners: are you entitled to a tax refund?
- Some seasonal workers entitled to tax refunds
- Auckland barrister jailed for tax evasion
- Inland Revenue reminding Marlborough agriculturalists
- Inland Revenue Appoints Chief Information Officer (IT)
- Incident at Upper Hutt Processing Centre
- Forged GST claim leads to eight-month prison sentence
- Inland Revenue offers help to flood affected BOP businesses
- Auckland Man jailed for tax fraud
- Inland Revenue releases view on HHG capital reduction proposals
- Prison sentence for tax evasion
- Early Family Assistance Payments
- Nine years of tax evasion brings 18 month sentence for New Plymouth bricklayer
- Tax season now underway
- Are you eligible for a childcare rebate?
- Early Family Assistance Payments
- Inland Revenue signs agreement with TelstraClear
- Inland Revenue cautions against income splitting by professionals
- Inland Revenue welcomes sentence for Hamilton PAYE offence
- Cambridge students scoop national award for tax knowledge
- US, NZ agree on tax treatment of fiscally transparent entities
- 7 February payment deadline
- Theft of Westpac courier bag - advice to taxpayers and other Inland Revenue customers
- Inland Revenue not letting up on BoP tax evasion
- Inland Revenue outlines rebate claim process for tsunami donations
- Inland Revenue welcomes sentence in $40,000 evasion case
Corporate Affairs
Inland Revenue
To make a media query:
Phone 04 890 1698 or email mediaqueries@ird.govt.nz
Please note, the email address is only for enquiries from the news media. It is monitored during normal business hours 8am - 5pm Monday to Friday.
P O Box 2198
Wellington 6140
New Zealand
Date published: 11 Nov 2005
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