Unclaimed Money Act 1995

Money held in a trust account by a former licensee or the personal representative of a deceased licensee is unclaimed money for the purposes of this Act but section 10 does not apply to the money.

A former licensee, or the personal representative of a deceased licensee, who holds unclaimed money must within the required time for compliance with this section—

lodge with the Chief Commissioner a return relating to the unclaimed money in a form approved by the Chief Commissioner, and

pay the amount of the unclaimed money to the Chief Commissioner.

The required time for compliance with this section is 3 months after the date on which the person ceased to be a licensee or became the personal representative of the deceased licensee (or such longer period as the Chief Commissioner may in a particular case allow).

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

A former licensee, or the personal representative of a deceased licensee, who fails to comply with this section 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 he or she was required to comply during which the failure continues.