We administer the Unclaimed Money Act 2008 which provides for the collection and safekeeping of unclaimed money as well as the collection, registration and publication of information for identifying and locating the rightful owners of unclaimed money.
Unclaimed money is a sum of money legally payable to an owner which has remained unpaid for at least 12 months. Amounts of $20 or less are excluded from the definition of unclaimed money, and are to be administered/retained by the business.
Examples of unclaimed money includes 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 the administration of unclaimed money. A business is defined to mean any person carrying on business in Victoria.
Commonly identified errors/issues are:
- Businesses are generally unaware of their obligations regarding unclaimed moneys that they may be holding,
- Failure by a business to lodge unclaimed money to the Registrar (SRO) within the specified timeframes,
- Failure by a business to lodge the correct supporting documentation when remitting unclaimed moneys, and
- Claims made by money finding agents not containing the correct supporting documentation to allow the claim to be approved