Many people are unaware that the IRD holds millions of dollars in unclaimed funds. If you’re wondering if some of it could be yours and, more importantly, how to claim it, RNZ is here to help clear things up.
Is this Legitimate?
Yes, it’s legitimate to reclaim unclaimed funds through the official IRD website. However, be cautious of scammers who may contact you claiming to have unclaimed money waiting for you.
How Do I Determine if I Have Unclaimed Money?
There are two methods to do this. You can either search for yourself in myIR by logging in, clicking on ‘I want to…’, navigating to ‘Registration, application and enrolment’, and selecting ‘Apply for unclaimed money’. Alternatively, you can search the IRD website if you’re looking on behalf of someone else, want to search by a previous name, don’t have a myIR account, or are representing an organization, trust, or estate. You’ll need to provide relevant information to confirm your identity, such as past contact details, old statements, or a copy of a will.
How Does Unclaimed Money Differ from a Tax Refund?
Unclaimed money is held by the IRD when someone cannot be located. It may be from an old bank account, unpaid wages, unclaimed dividends, proceeds of life insurance policies, or other sources.
How Long Does the IRD Hold Unclaimed Money?
The IRD holds unclaimed money for up to 25 years. If unclaimed within this timeframe, it is transferred to the Crown.
What Happens if I Don’t Claim It?
Ultimately, unclaimed money transferred to the Crown.
How Long Does It Take to Receive My Money?
Typically, it takes 10-12 weeks to receive unclaimed funds. However, due to increased searches for unclaimed funds, processing times may be longer. Providing ample evidence with your claim submission can help expedite the process. The IRD will notify you of the claim’s status once processed.
How Much Unclaimed Money is Currently Held?
As of March 31, 2024, there was $477,161,702.10 of unclaimed money.
