36 LIFESTYLE Army July 8, 2010
➤ There is $610 million in
unclaimed money from
banks, credit unions,
building societies, life
friendly societies and
companies for dividends
or proceeds of company
➤ The timeframe for
handover to the Federal
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
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 email@example.com 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
(more so if you’re in the ADF )
ADF Financial Services Consumer Council
ADF Financial Services Consumer Council