IRD seeks owners of forgotten money

More than 5000 people could be in for a rare but welcome surprise from Inland Revenue, as the department has about $4.8 million of forgotten and abandoned money waiting to be distributed to its owners.

Most of the unclaimed money 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.

"Initially, it is the responsibility of the institution holding the funds to make every effort to locate the proper owner of the money before paying it to the department," Inland Revenue's acting chief financial officer Vanessa Johnson said.

More than $29 million of unclaimed monies has been received by the department since 1992.

Currently, 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.

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, along with evidence that they have dealt with a person or organisation that may have paid the funds in to the department.

- NZPA