Enterprises that operate in NSW and hold money for another person or body as at 30 June in any year must send the money to us by 31 October of that year, after having made reasonable attempts to contact the rightful owner and return the money to them.
If you don’t lodge and pay your unclaimed money, you may have to pay penalty tax and interest.
An enterprise includes a:
An enterprise does not include a bank or building society, credit union or friendly society.
Unclaimed money we collect includes:
We don't collect money that falls into the following categories:
Unclaimed money held by banks, credit unions, building societies, friendly societies and life insurance is payable to the Australian Securities and Investments Commission (ASIC).
Administration for deregistered companies is the responsibility of ASIC.
The types of unclaimed money sent to us includes:
Unclaimed money held in a trust account by a law practice in NSW is governed by section 14 of the Legal Profession Uniform Law Application Act 2014 (NSW).
If a law practice can't find the owner of money it holds in a trust account, it has two options:
The Unclaimed Money Act 1995 doesn't apply to this category of unclaimed money. This means a law practice can pay the money to the Treasurer at any time after it becomes aware that it can't locate the owner.
If unclaimed money is paid to the Treasurer, the law practice is absolved from further responsibility for returning the money to the owner. However, it doesn't absolve its responsibilities to any other person who may have a claim on the money.
If the ownership of money held in a trust account is in dispute, it is not 'unclaimed money and must not be paid to the Treasurer. It's the responsibility of the law practice to determine the rightful owner. If disputed money is paid to the Treasurer, it will be returned to the law firm.
Unclaimed money can be paid to the Treasurer via us, and it will be held in the Consolidated Fund until it is claimed by the rightful owner.
For information on how to lodge unclaimed with us, visit How to send unclaimed money to us
The Unclaimed Money Act 1995 doesn't apply to money held in a law practice’s trust account. The requirement under this Act that money must be unclaimed for six years before it becomes 'unclaimed' doesn't apply. Once a law practice is satisfied that it's unable to locate the owner, the money can be forwarded to us.
Any information that will assist in identifying the owner should be provided to us, including:
On behalf of the Treasurer we may require a law practice (or any person) to provide information that they have, or can obtain, about the entitlement of a person to the money paid to the Treasurer, including the attempts made to locate the rightful owner.
A law practice is defined in the Legal Profession Uniform Law (NSW) No 16, and may be:
We hold unclaimed superannuation that was lodged with us between 1 July 1997 to 30 June 2007 and only collect unclaimed money from NSW public sector superannuation.
Superannuation becomes unclaimed in the following circumstances.
When a member:
For a non-member spouse, when:
When, in the case of a deceased member:
If you need more information, please contact us
Accounts with $100 or less are not classed as unclaimed money.
If the inactive money is held in a trust or as part of a NSW public sector superannuation fund, you must send it to us regardless of the account balance.
You don’t have to send unclaimed money to us if: