Unclaimed Money Act 1995

An enterprise that holds unclaimed money on 30 June in any year must, within 4 months after that date (or such longer period as the Chief Commissioner may in a particular case allow), lodge with the Chief Commissioner a return relating to that money in a form approved by the Chief Commissioner.

If, after 30 June and before the enterprise lodges the return with the Chief Commissioner, the enterprise pays any unclaimed money to the owner of the unclaimed money, the return must contain such particulars relating to the amounts so paid as are required by the form.

An enterprise may include, in any return that it is required to lodge under this section, particulars of money that is not unclaimed money because it does not exceed $100 and section 9 (3) (c) applies to it. In any such case, the money is to be treated as unclaimed money for the purposes of this Part (other than subsections (1) and (1A) and section 12 (1)) and Parts 4 and 5.

The enterprise, when lodging the return, must pay to the Chief Commissioner an amount equal to the sum of the unclaimed money specified in the return less the sum of amounts paid by the enterprise and specified in accordance with subsection (1A).

The Chief Commissioner is to pay money received under this section into the Consolidated Fund.

An enterprise that fails to comply with subsection (1), (1A) or (1B) is guilty of an offence and is liable—

to a penalty not exceeding 250 penalty units for an individual or 500 penalty units otherwise, and

to a further penalty not exceeding 50 penalty units for each day after the period within which it was required to comply with that subsection during which the failure continues.