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Are you owed money?

Investments  |  18/01/2021  |   5 min read

Are you owed money?

According to the Australian Securities & Investments Commission (ASIC), the Federal Government holds over $1.2 billion in unclaimed or lost money for around 1.5 million Australians. That’s an average of $800 per person.

If your bank balance is feeling a little light after Christmas and the New Year it might be time to get your finances sorted. You can start by making sure you're not owed any money.

Whether it’s Medicare rebates, lost super, old bank accounts or unused gift vouchers sitting in your inbox, a little investigating can turn up some welcome cash. Here’s how to get started.
 

Make sure your MyGov details are up to date

If it’s been a while since you checked your MyGov account that should be your first port of call. Out of date details - such as old bank accounts - may prevent you from getting Medicare rebates, tax returns, or other money owing to you.

Taking five minutes to log in and have a look around can lead to unexpected treasures. Helpfully, there’s a flashing “We owe you money” prompt that comes up if you have money due. Which should provide ample motivation to update your details. 
 

Cancel old subscriptions you don’t use

Whether it’s a streaming service you rarely use, web hosting for an old website, or some other subscription service, lots of people have old and rarely used accounts that renew automatically. Chances are you don’t even know about these until you receive the dreaded ‘automatic renewal’ email and a note to say you’ve been charged for something you don’t use or need. The good news is that most of these services (especially annual ones) have a grace period where you can cancel a renewal and have the money refunded.
 

Consolidate your super

Every super fund charges annual fees. Having a few different funds could easily cost you several hundred dollars a year. That’s money that could be going towards your future retirement.

Consolidating your super is easy.* It only takes a couple of minutes and can save you a small fortune.

 

Conduct a government search for lost money

The government’s Moneysmart website can help you find lost shares, bank accounts and life insurance. All you need to do is enter your name and conduct a search. There’s around $1.5 billion in unclaimed money floating around out there, so it’s definitely worth the 60 seconds it takes to click on their website and have a look. For more search options visit the ASIC website
 

Sort out your returns, receipts, and gift vouchers

In this post-Christmas period, you probably have some items that need returning for one reason or another. They might not fit, you may already have a copy, or they’re simply not right. Holding on to them doesn’t make any sense, especially if you’re able to get a refund, and use those funds for something you need or want.

The same goes for any gift vouchers, special offers or store credits you’ve got sitting on the ‘to do’ list. Spending an afternoon getting on top of these will not only give you a sense of accomplishment, but you may also find yourself with a sudden and unexpected cash injection.

Christmas and the holidays may be a distant memory at this stage, but those bills aren't going anywhere. So, the questions remains, are you owed money? And would a little extra help right now? Why not find out?

 

Find out more about consolidating your super. 
 

*Before you close your other super account you should check if it has any insurance cover that you might need.

This information is provided for general information only. It does not take into account your personal objectives, financial situation or needs and should therefore not be taken as personal advice. You should consider whether it is appropriate for you before acting on it and, if necessary, you should seek professional financial advice. Togethr Trustees Pty Ltd ABN 64 006 964 049, AFSL 246383 ("Togethr") is the trustee of the Equipsuper Superannuation Fund ABN 33 813 823 017 ("Equip" or "The Fund"). Past performance is not an indication of future performance.

Togethr Financial Planning Pty Ltd (“TFP”) (ABN 84 124 491 078, AFSL 455010), trading as Equip Financial Planning, is licensed to provide financial planning services to retail and wholesale clients. TFP is owned by Togethr Holdings Pty Ltd (ABN 11 604 515 791). You can obtain the TFP Financial Services Guide and/or Privacy Statement by contacting our Helpline on 1800 682 626. This is general information only and does not take into account your personal objectives, financial situation or needs and therefore should not be taken as personal advice.

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