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					36 LIFESTYLE                                                                                                                                                                               Army July 8, 2010

FINANCE



Find your
                                                                                                                                                                                    LOCATING
                                                                                                                                                                                    MONIES
                                                                                                                                                                                    ➤ There is $610 million in
                                                                                                                                                                                      unclaimed money from
                                                                                                                                                                                      banks, credit unions,




money
                                                                                                                                                                                      building societies, life
                                                                                                                                                                                      insurance companies,
                                                                                                                                                                                      friendly societies and
                                                                                                                                                                                      companies for dividends
                                                                                                                                                                                      or proceeds of company
                                                                                                                                                                                      takeovers.
                                                                                                                                                                                    ➤ The timeframe for
                                                                                                                                                                                      handover to the Federal
                                                                                                                                                                                      Government varies
Stake your claim in $610 million. ASIC                                                                                                                                                depending on where the
Chairman Tony D’Aloisio says Australians                                                                                                                                              money is located, but in
                                                                                                                                                                                      most cases it is seven
have that much money lying uncollected.                                                                                                                                               years. For unclaimed
                                                                                                                                                                                      money from company
                                                                                                                                                                                      shareholdings, the peri-
                                                                                                                                                                                      od can vary from one



I
   T’S quite easy to lose track of our has added $50 million worth of new
   old bank accounts, life insurance records about unclaimed money to the                                                                                                             month to 10 years.
                                       database, which means now is the per-                                                                                                        ➤ ASIC is aware of com-
   policies and shareholdings.                                                                                                                                                        panies that may send a
       It’s even easier to lose track of    fect time to search for and find your
                                                                                                                                                                                      letter notifying you that
accounts and policies belonging to rel-     lost money.
                                                                                                                                                                                      they have located some
atives who died years ago.                      Searching is free and quick and                                                                                                       lost money and will
    Sometimes companies hold money          there is no cost involved in claiming                                                                                                     charge you an amount
for their customers but if they can’t get   your lost money, but you will need to                                                                                                     or commission to reunite
in contact with them after a period the     prove that the money is yours.                                                                                                            you with your lost funds.
money becomes unclaimed.                        To search online for unclaimed                                                                                                        Some people may find
How money is lost                           money go to www.fido.gov.au/                                                                                                              this easier than having
                                            unclaimedmoney and type in your         Windfall: Have you checked for missing accounts?                    Photo by LAC Aaron Curran     to locate the money
   Money in bank accounts and life                                                                                                                                                    themselves.
policies becomes unclaimed when,            name.
over a specified period, there has been         There is some information that      entitled to unclaimed money should      fits to an ‘eligible rollover fund’ where   claims and recovery services for a
no activity on the account or policy.       ASIC can’t publish online for priva-    contact our Infoline directly on 1300   your investment earnings may be less.       variety of other lost money includ-
   After this time, the money is turned     cy reasons, so if you don’t have any    300 630 or email infoline@asic.gov.au   You might also be paying fees that you      ing dividends, refunds, deposits and
over to the Federal Government, which       luck online, ring our Infoline and      during business hours.                  don’t know about.                           wages. Contact details for these ser-
acts as custodian until that money can      speak to one of our customer service                                                The sooner you recover any lost
                                                                                    Lost super                                                                          vices are on the FIDO website.
be returned to the rightful owner.          consultants.                                                                    super, the less hassle and paperwork.
                                                                                       If you or a family member can’t                                                      It is very easy to search for certain
   The amounts of money owed to                 They will be able to conduct a                                              To check if you have any lost super,
                                            comprehensive search for forgotten      locate all your superannuation, you                                                 types of unclaimed money through
individuals and businesses ranges                                                                                           visit the Tax Office’s website at www.      ASIC’s unclaimed money database
between $1 to just under $1 million.        funds, including old bank accounts,     could do a search for lost super.
                                                                                                                            ato.gov.au/superseeker. All you need        at www.fido.gov.au, and best of all,
The highest individual amount cur-          forgotten insurance policies, and       Unless you keep your address up to
                                                                                                                            to access the database is your name,        it’s free.
rently unclaimed is $990,000, from          unclaimed money from shareholdings      date with all your super funds, they
                                                                                                                            date of birth and tax file number.
a Commonwealth Bank account in              where the company has been unable to    might consider you a ‘lost member’.                                          For more information about unclaimed money,
Western Australia.                          contact a shareholder.                     If you are considered a lost mem- Other searches                          visit ASIC’s consumer website, FIDO at www.
   In the past two months ASIC                  Anyone who thinks they might be     ber, your fund will transfer your bene- The states and territories also have fido.gov.au or call 1300 300 630.




            FBT      not as easy as
                                                                                                                       Find out why. Watch this.
                                                                                                                       Watch the video or order the DVD on the website
                                                                                                                       www.adfconsumer.gov.au




                                                                                                                                              Understanding




           ABC
                                                                                                                                                 Fringe
                                                                                                                                                Benefits
                                                                                                                                                  Taxderstanding
                                                                                                                                                    Un
                                                                                                                                                             Fringe
                                                                                                                                                            Benefits
                                                                                                                                                              Tax
                                                                                                                                                                                                VOLUME SEVEN




                    (more so if you’re in the ADF )
                                                                                                                         VOLUME SEVEN




                                                                  ADF Financial Services Consumer Council
                                                                  ADF Financial Services Consumer Council

				
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