You could be in the money and not even know it.
More than 12,000 people around the country are in for a rare but welcome surprise from Inland Revenue, which has about $11 million of forgotten and abandoned money waiting to be claimed. One local group, the Rotorua
Conservation Society, has more than $600 sitting at the IRD.
Most of the unclaimed millions comes from deposits left in financial institutions, such as insurance proceeds, and also includes unclaimed funds such as cheques or wages. Under the Unclaimed Monies Act 1971, funds left untouched for more than six years are required to be paid to Inland Revenue.
More than $29 million of unclaimed money has been received by the department since 1992.
The average amount unclaimed is $947.39 and the largest single amount of unclaimed money owed to a company or individual is $76,528.16. The Rotorua Conservation Society, which has $630.52 owing to it, was unable to be tracked down by the Daily Post.
If a member of the society comes forward with proof of identity then they should be eligible for the funds, otherwise the money will be put into a public trust fund.
Rotorua man, the late Hira Bhana, is owed a similar amount, $663.68. Mr Bhana, a former businessman who died several years ago, is the father of Rotorua landlord Stephen Bhana. Mr Bhana said that news of the money had come as a suprise.
People who believe they are entitled to unclaimed money are advised to forward to the IRD their name, address, IRD number and proof of identity.
* To check if you are owed money, go to www.ird.govt.nz/unclaimed-money/unclaimed-money-0.html.
