Unclaimed Millions for Taxpayers

November 8, 2010 New Zealand FinanceNew Zealand Taxation

Money!The Inland Revenue Department has updated its list of unclaimed money which has been left untouched for multiple years, and published the detail online.

On November 4th the Inland Revenue Department (IRD) updated its list of unclaimed funds, which catalogs taxpayers who are eligible to receive funds held by the IRD. According to the Department, there are nearly 97 000 cases of New Zealand taxpayers with unclaimed money, some of the funds have even remained unclaimed since 1973. Heather Daly, Group Manager of IRD Customer Operations, commented on the money, explaining that the held amounts range from very small up to NZD 371 000. Further, the total of all the monies involved is in excess of NZD 55 million.

Heather Daly explained that the unclaimed money is not in any way connected with tax refunds. Under New Zealand legislation, if any amount of money is held on behalf of a taxpayer for more than 6 years, it can be entrusted to the IRD. She went on to explain further, saying “Most unclaimed money is from deposits in banks or other financial institutions and includes insurance proceeds, cheques or wages. It isn’t tax refunds.” The IRD stated that it has returned over NZD 1.7 million to claimants, over the last 12 months.

The latest update of the list can be found on the IRD website.

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