Hundreds of thousands of New Zealanders routinely check for tax refunds, but far fewer realise Inland Revenue also holds unclaimed money that may rightfully belong to individuals, families, businesses and estates. With more than $600 million currently recorded as unclaimed, it may be worth taking a few minutes to search.
eLocal Report: Based on reporting by RNZ HERE.
Report by eLocal
Many New Zealanders may be unaware that Inland Revenue holds unclaimed money on behalf of individuals, businesses and organisations when the rightful owner cannot be located. Unlike an ordinary tax refund, these funds are not automatically returned. Instead, they remain available for eligible owners to claim once their identity and entitlement have been verified.
According to Inland Revenue, unclaimed money can arise from a wide range of circumstances. Dormant bank accounts, unpaid wages, unclaimed dividends, life insurance proceeds, Māori Trustee funds, court awards and even money resulting from the sale of abandoned property can all eventually become unclaimed funds if the owner cannot be located. Once transferred to Inland Revenue, specialist staff continue attempting to identify and contact potential owners where possible.
How Can You Check?
There are two ways to search for unclaimed money.
The first is through your myIR account. After signing in, users can navigate to the unclaimed money application within the registration and application section.
Alternatively, anyone can search the publicly available IRD Unclaimed Money Database. This option is particularly useful for searching previous names, family members, trusts, estates or organisations. While the public database allows searches, any formal claim must still be submitted through myIR.
IRD's publicly available unclaimed money search.
Screenshot: IRD (via RNZ).
Applicants may be asked to provide evidence supporting their claim, such as previous addresses, bank records, correspondence, employment documentation or estate records. Inland Revenue says supplying as much supporting information as possible can help reduce processing times. Claims generally take around 10 to 12 weeks, although processing may take longer during periods of high demand.
How Long Is the Money Held?
Inland Revenue says unclaimed money remains available to claim for up to 20 years after it is transferred into the unclaimed money register. If no valid claim is received during that period, the funds are removed from the register and ultimately become Crown property.
Beware of Scammers
Inland Revenue also reminds New Zealanders to remain vigilant against scams. Fraudsters may contact people claiming they have money waiting to be collected and ask for personal or banking information.
The safest approach is to search only through the official Inland Revenue website or by logging directly into your secure myIR account. Avoid following links received in unsolicited emails, text messages or social media posts.
More Than $600 Million Waiting to Be Claimed
According to Inland Revenue, more than $600 million is currently listed as unclaimed money, with the total increasing over recent years. Updated figures for the latest financial year have not yet been released.
For anyone who has changed their name, moved house, closed bank accounts years ago or administered a family estate, checking the register could uncover money that has been sitting unclaimed for years.
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