All Victorian businesses and trustees must lodge unclaimed money annually.
Payment must be made by electronic funds transfer (EFT).
Know your obligations
Unclaimed money is any amount of $20 or more that is legally payable to an owner but has remained unpaid for 12 months or more as at 1 March of the current year.
Money is not considered to be unclaimed if a business knows, or has reason to believe, that the owner wishes the business to continue holding it. This includes amounts held on trust.
A business is not required to pay an amount of unclaimed money to us if the amount legally payable to an owner is less than $20. However, a business can elect to aggregate those amounts and pay them to us, as long as each of the amounts is legally payable to the same owner and has remained unpaid for 12 months or more as at 1 March of the current year.
If reasonable expenses are to be deducted from an amount which results in the net amount falling under $20, then the amount is not required to be lodged with us.
Create a register by 31 March each year
Businesses have a number of responsibilities in relation to unclaimed money. By 31 March of each year, a business with unclaimed money must:
- Create a register of all unclaimed money, and
- Enter details into this register of all amounts of unclaimed money held at 1 March
The register must be accompanied by supporting documents and contain the following details of unclaimed money as of 1 March:
- Name of owner
- Address line 1
- Address line 2
- Address line 3
- Date of birth
- Business reference
- Gross amount
- Reasonable expenses
- Date payable
Businesses must submit the register as an electronic data file, either a comma delimited text file (CSV) or a Microsoft Excel spreadsheet. The general register template provided is required to be submitted online with the Statement of Compliance.
Details for each of the individual amounts must be recorded in the register. If reasonable expenses are deducted they must be allocated against the legal owner in the column of the same name.
Lodge and pay by 31 May
By 31 May each year, a business with unclaimed money must:
- Complete the online statement of compliance,
- Attach the register of all unclaimed money up to 1 March to the statement (instructions on how to do this are in the statement),
- Submit the online compliance statement with the register attached (you will receive a submission reference number and can also download an online lodgement receipt), and
- Pay the net amount of all unclaimed money (total amounts, less reasonable expenses) held on 1 March
Payment must be made via EFT, with EFT details provided on the submission receipt. Include the submission reference number and the business name in the payment description.
When you submit the compliance statement, you will be issued with an online lodgement receipt.
Once the EFT payment is complete, email the submission reference number or lodgement receipt, payment details and the business name to email@example.com.
This is important as it enables us to match your payment and lodgement.
A business must keep records to confirm the information on the register for at least five years after the date of lodgement. Copies of the documents must be available for inspection on request.
We have the authority to issue an assessment where a business fails to pay unclaimed money. Failure to lodge and pay on time may result in interest and penalties.