Gig workers can be considered independent contractors or employees, or sometimes the platform operator is classed as an employment agent. It depends on the business structure and the workers’ employment relationship. Click the arrow to read the new ‘Gig economy businesses’ page.
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 held it for the required period of time and having made reasonable attempts to contact the owner and return the money to them.
If you don’t lodge and pay unclaimed money that you hold, you may have to pay penalty tax and interest.
An enterprise includes a:
person
partnership
association
society
institution or other body, whether incorporated or not.
An enterprise does not include a bank or building society, credit union or friendly society.
What we don't collect
We don't collect money that falls into the following categories:
Money where the recovery by its owner is not prevented by law.
Money that you believe the owner wants to keep the money in that account.
Money where the ownership is in dispute.
If the enterprise holding the money also holds other money for the owner in other accounts.
The enterprise believes the owner of the money wants to retain the money in the account.
money greater than $100 held in an account, even if there have been transactions on the account such as regular charges or interest credited, that has been inactive for at least 6 years under the Unclaimed Money Act 1995
money held in a trust account of a legal firm irrespective of the amount or time held, provided the legal firm has made reasonable efforts to locate the rightful owner(s) under the Legal Profession Uniform Law Application Act 2014
money that forms part of an estate of which a trustee company is executor, administrator or trustee that has been held for at least 5 years under the Trustee Companies Act 1964.
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 money may be paid to the Treasurer who is then responsible for returning the money to the rightful owner
the money may be retained in the trust account until it can find the rightful owner.
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.
How to pay unclaimed money to the Treasurer
Unclaimed money can be paid to the Treasurer via us, using the process outlined below, and it will be held in the Consolidated Fund until it is claimed by the rightful owner.
Information to be provided to us
Any information that will assist in identifying the owner should be provided to us, including:
Full name/s of the owner/s
last known residential and business address and any previous addresses
year the money was payable
nature of the money
email addresses and telephone numbers
copies of documents explaining the source of the money
copies of documents that may assist in identifying the rightful owner or the owner’s claim to the money.
What is a 'law practice'?
A law practice is defined in the Legal Profession Uniform Law (NSW) No 16, and may be:
a sole practitioner
a partnership of Australian legal practitioners and/or Australian-registered foreign lawyers
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:
is 65 years or older
has not made a contribution or received benefits in two years and
has not been in contact with you for five years despite reasonable attempts to contact them.
For a non-member spouse, when:
there is a payment split as a result of a determination under the Family Law Act 1975
they (or if they have died, their legal representative) are entitled to be paid an amount
the superannuation provider, after reasonable efforts and time, is unable to ensure a person entitled to the superannuation benefit receives it.
When, in the case of a deceased member:
the superannuation provider determines that an immediate benefit (other than a pension or annuity) is required to be paid
no contributions have been received or defined benefits accrued for two years
the superannuation provider, after reasonable efforts and time, is unable to ensure the benefit is received by the person entitled to receive it.
Amounts of $100 or less can still be lodged with us by following the process outlined below. This money will be treated as unclaimed money and if over $20 will be listed on our website for claim.
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.
How to send us unclaimed money
If you have unclaimed money to send to us, follow this step-by-step guide and use our online tools to help you complete the process.
You’re required to keep a record of the unclaimed money return for six years, to help us verify a request from the account holder if they make a claim on the money.
The return must list all items of unclaimed money and include details as required in the return file specifications.
This includes the following information for each item of unclaimed money:
the owner's full name
the total amount due to the owner
the year the money became payable to the owner
a description of the money (dividend, interest, deposit)
the owner's last known address
date of birth of the owner.
The information in the return must be accurate and sufficiently complete for the details to be published and claimants identified.
When you’ve submitted your return file, we’ll email you confirmation of lodgement which includes a payment reference number and electronic payment details. Payment must be made within seven days of receipt of this notice.
When to send unclaimed money to us
Penalty and interest may apply if you fail to lodge your return on time.
NSW public sector superannuation benefits held up to 31 December of the previous year
1 May
Sending unclaimed money to us early
If you have unclaimed money that you need to send to us earlier than the legislated time, you must send an email addressed to the Chief Commissioner with your request.
We will review your request and if required, we may contact you for further information.
When a decision has been made, we will write to you advising you of the outcome.
Your request must include
details of the unclaimed money held
an explanation of why the money must be sent to us earlier than the legislated time
details of your reasonable attempts to locate the owner(s) of the unclaimed money.