Key takeaways
- Unclaimed money held by government registers does not expire.
- Bank accounts become unclaimed after seven years of inactivity.
- Superannuation and state revenue rules have their own dormancy periods.
Money is held indefinitely
Australian government registers are designed to protect money, not to absorb it. Whether it is ASIC holding a forgotten bank account, Revenue NSW holding a business refund, or the ATO holding a small super balance, the amount remains in the owner's name until it is claimed.
| Type of money | Dormancy period before transfer | Held by |
|---|---|---|
| Bank accounts | Seven years of inactivity | ASIC via MoneySmart |
| Superannuation | Varies; small inactive balances may transfer to the ATO | ATO |
| State revenue money | Set by each state, often six years | State revenue office |
| Rental bonds | No fixed period; remains with bond authority | State bond authority |
| Unpaid wages | Held after recovery by Fair Work | Fair Work Ombudsman |
Why institutions transfer money
The transfer to a government register is a safeguard. It prevents businesses from quietly absorbing dormant balances and gives owners a central place to search. After the transfer, the original institution usually still holds the records needed to prove a claim.
Interest on unclaimed money
Bank money transferred to ASIC from 2013 onwards earns interest from the date of transfer. The interest is paid with the claim. Share proceeds and most state revenue money do not earn interest, so the amount you receive is the original balance.
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