IRD holds $619 million in unclaimed money: How to check if you’re owed any of it
The New Zealand Inland Revenue Department (IRD) is currently holding $619 million in unclaimed money belonging to citizens. The agency provides an online portal for individuals to check if they are owed funds and outlines the process for reclaiming them.
Why it matters
This serves as a practical financial advisory for citizens to recover potentially significant personal assets before they are forfeited to the Crown.
Thousands of Kiwis are owed money from the IRD and have no idea. Photo / NZME
Thousands of Kiwis are owed money from the IRD and have no idea - some of them are owed several thousands of dollars and don’t even know it.
IRD’s pot of unclaimed money has been growing over the past few years and currently sits at around a whopping $619,000,000.
Unclaimed money is money held by organisations like banks, or with a person such as a solicitor, where the owner cannot be found.
Essentially, this is money that legally belongs to a Kiwi but, for whatever reason, the person or entity holding the money cannot find that legal owner and, if that remains the case after five years, the money goes to the IRD.
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