We administer the Unclaimed Money Act 2008 which provides for the collection and safekeeping of unclaimed money.
Unclaimed money is a sum of money legally payable to an owner that has remained unpaid for at least 12 months. Amounts over $20 are administered by us while amounts of $20 or less are retained by the business.
Examples of unclaimed money include share dividends, salaries and wages, rents and bonds, debentures and interest, unpresented cheques, and trust money. Businesses holding these funds have responsibilities in relation to unclaimed money.
Helping you get it right
To help you get it right, whether you are claiming money or lodging unclaimed money, we provide a range of information and tools, including:
- information on unclaimed money
- a searchable unclaimed money register
- information for businesses and gaming venues on how to lodge unclaimed money.
Our compliance activities
Our compliance activities include:
- monitoring businesses to ensure they are lodging unclaimed money correctly
- investigating suspect unclaimed money claims
- ensuring returns are lodged by 31 May each year, with penalties for late lodgements
- investigating lodgements that include entitlements from prior lodgement years.
Common errors to avoid
- Businesses being unaware of their obligations in relation to unclaimed money they are holding.
- Businesses failing to lodge unclaimed money to the Registrar (State Revenue Office) within specified timeframes.
- Businesses failing to lodge the correct supporting documentation when remitting unclaimed money.
- Businesses being unaware that only bank fees, postage and stationery can be claimed as reasonable expenses under the Act or businesses overstating their reasonable expenses.
- Claims by money finding agents that do not contain the correct supporting documentation.
