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 5 years) to IR. The funds are repaid to the entitled owner on proof of identity.
Unclaimed money that is received or held by IR 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:
06 Dec 2024