1Purpose

The purpose of this Act is—

(a)

to re-enact with amendments the law relating to unclaimed money so as to continue to provide for—

(i)

the collection and safekeeping of unclaimed money and unclaimed superannuation benefits;

(ii)

the collection of information needed to identify and locate the owner of unclaimed money;

(iii)

the keeping of registers of details (including business registers, the unclaimed money register and the register of unclaimed superannuation benefits) relating to unclaimed money and unclaimed superannuation benefits so that the owner can be identified and located;

(iv)

the publication of sufficient information for the purposes of identifying and locating the owner of unclaimed money and unclaimed superannuation benefits;

(v)

the payment, into the Consolidated Fund, of money paid into Court which is unclaimed;

(b)

to repeal the Unclaimed Moneys Act 1962.

2Commencement

(1)

Subject to subsection (2), this Act comes into operation on a day or days to be proclaimed.

(2)

If a provision of this Act does not come into operation before 1 January 2009, it comes into operation on that day.

3Definitions

(1)

In this Act—

amount payable means the amount due and payable to the Registrar by a business or trustee under Parts 3 and 4;

assessment means an assessment made by the Registrar under section 36 of an amount payable;

authorised investigation means an investigation authorised under Division 1 of Part 6;

authorised officer means a person appointed by the Registrar to be an authorised officer under section 9;

authorised person means—

(a)

an authorised officer;

(b)

any other person engaged (whether as an officer or employee or otherwise) in the administration of this Act;

S. 3(1) def. of business amended by Nos 9/2013 s. 40, 17/2014 s. 160(Sch. 2 item 101.1(a)), 9/2020 s. 390(Sch. 1 item 106).

business means any person carrying on business in Victoria including—

(a)

a corporation within the meaning of the Corporations Act;

(b)

a Council within the meaning of the Local Government Act 2020;

(c)

a public hospital within the meaning of the Health Services Act 1988;

(d)

a co-operative within the meaning of the Co-operatives National Law (Victoria);

(e)

a society within the meaning of the Co‑operative Housing Societies Act 1958;

(f)

a partnership, including a limited partnership;

(g)

a trustee company within the meaning of the Trustee Companies Act 1984;

(h)

a law practice within the meaning of the Legal Profession Uniform Law (Victoria);

(i)

any body, whether or not incorporated, prescribed to be a business;

business register means a register of unclaimed money that a business must establish under section 11;

corresponding law means an Act of another State or a Territory which is in relation to unclaimed money;

Court means—

(a)

other than in sections 46, 80 and Part 7, the Supreme Court;

(b)

in sections 46, 80 and Part 7, the Supreme Court, County Court or Magistrates' Court;

default means a failure by a business or trustee to pay an amount payable;

Deputy Registrar means the person appointed as Deputy Registrar of Unclaimed Money under section 5;

money paid into Court has the meaning given by section 86;

S. 3(1) def. of objector amended by No. 24/2025 s. 32(b).

objector means a person who lodges an objection under section 56(1) or (1A);

S. 3(1) def. of owner amended by No. 22/2018 s. 23(1).

owner, other than in Part 8, means the person entitled to any unclaimed money including—

(a)

the person's executor, administrator or assignee; or

(b)

the person's lawful attorney or agent;

person includes a body or association (corporate or unincorporate) and a partnership, including a firm;

S. 3(1) def. of police officer inserted by No. 37/2014 s. 10(Sch. item 173.1).

police officer has the same meaning as in the Victoria Police Act 2013;

premises includes land, a vehicle, a vessel and an aircraft;

prescribed means prescribed by the regulations;

S. 3(1) def. of proper officer amended by No. 69/2013 s. 18.

proper officer, in relation to—

(a)

the Supreme Court, means the Prothonotary or the Senior Master of the Supreme Court;

(b)

the County Court, means the registrar, deputy registrar, or other officer of the County Court;

(c)

the Magistrates' Court, means the principal registrar, registrar or deputy registrar of the Magistrates' Court;

S. 3(1) def. of reasonable expenses of a business in holding unclaimed money and locating the owner amended by No. 50/2024 s. 55.

reasonable expenses of a business in holding unclaimed money and locating the owner include—

(a)

bank fees, stationery and postage; and

(b)

any other expenses of a kind determined by the Registrar under subsection (2);

reassessment means a reassessment made by the Registrar under section 37 of an amount payable;

Registrar means the person appointed as Registrar of Unclaimed Money under section 4;

S. 3(1) def. of repayment notice inserted by No. 24/2025 s. 32(a).

repayment notice means a notice issued under section 35A(1);

Secretary means Secretary to the Department of Treasury and Finance;

trustee includes an executor, an administrator or a trustee company within the meaning of the Trustee Companies Act 1984;

S. 3(1) def. of unclaimed money amended by No. 22/2018 s. 26.

unclaimed money means—

(a)

principal, interest, dividends, bonuses, profits, salaries, wages and any other sums of money that are legally payable to the owner and that have remained unpaid for not less than 12 months after that money became payable; or

(b)

money that has been converted from unclaimed trust property within the meaning of section 14 by a trustee after the expiration of the required period under Division 2 of Part 3—

other than any amount the value of which is less than $20 or the prescribed amount (whichever is higher);

unclaimed money register means the unclaimed money register kept by the Registrar under section 28.

(2)

For the purposes of the definition of reasonable expenses of a business in holding unclaimed money and locating the owner in subsection (1), the Registrar may determine and specify, by instrument published in the Government Gazette, the kinds of expenses that are reasonable expenses.

S. 3(2A) inserted by No. 69/2013 s. 19.

(2A)

For the purposes of the definition of unclaimed money in subsection (1), an amount of money that consists of both principal and interest is unclaimed money if the sum of the principal and interest is equal to or greater than $20 or the prescribed amount (whichever is higher).

(3)

For the purposes of the definition of owner and paragraph (a) of the definition of unclaimed money in subsection (1), in determining if a person is entitled to money or if money is legally payable to the owner, no account is taken of whether or not—

(a)

the owner is required to take any action by way of demand or otherwise to claim or recover the money; or

(b)

there is or has been any shift in entitlement to the money accompanied by an arrangement or undertaking (whether enforceable or not) to pay the owner if the owner subsequently makes a claim.

(4)

Despite subsection (3) and subject to subsection (5), money is not unclaimed money at any particular time if, at that time, the business holding the money knows or has reason to believe that the owner of the money wishes the business to continue to hold the money.

(5)

For the purposes of subsection (4), a business does not have reason to believe that an owner wishes the business to continue to hold the money because the owner does not respond to a communication from the business (or does not respond as specified in the communication), even if the terms of the communication suggest that the owner's failure to respond indicates such a wish.

(6)

For the purposes of subsections (4) and (5), if it is necessary to establish the belief of a business, it is sufficient to show that—

(a)

in the case of a business that is a body corporate—

(i)

an employee or agent of the body corporate holds the belief; or

(ii)

a person concerned in the management of the body corporate within the meaning of section 26(5) holds the belief;

(b)

in the case of a business that is a partnership, firm, unincorporated body or association, a person who is an employee, agent or member of the partnership, firm, unincorporated body or association holds the belief.

S. 3(6A) inserted by No. 22/2018 s. 23(2).

(6A)

For the purposes of paragraph (a) of the definition of owner in subsection (1), a reference to—

(a)

the person's executor is a reference to the executor of the will of the person, if probate of the will has been granted, sealed or resealed in any jurisdiction in Australia; and

(b)

the person's administrator is a reference to the administrator of the estate of the person, if letters of administration have been granted, sealed or resealed in any jurisdiction in Australia.

S. 3(7) amended by No. 17/2014 s. 160(Sch. 2 item 101.1(b)).

(7)

A reference in this Act to a business holding unclaimed money, being a business that is a law practice within the meaning of the Legal Profession Uniform Law (Victoria) includes a reference to that law practice holding unclaimed money in its trust account.

(8)

A reference in this Act to a business holding unclaimed money includes a reference to the business holding that money as a trustee.

4Registrar of Unclaimed Money

(1)

The Secretary may appoint a Registrar of Unclaimed Money who is employed under Part 3 of the Public Administration Act 2004 to—

(a)

administer this Act and the regulations; and

S. 4(1)(b) amended by No. 69/2013 s. 20.

(b)

carry out the powers, duties or functions conferred by this Act or the regulations or any other Act on the Registrar.

(2)

The person assigned to the position of Registrar of Unclaimed Moneys under section 10(1) of the Unclaimed Moneys Act 1962 as in force immediately before its repeal by section 104 is taken to be, on and after the commencement of section 104, the Registrar within the meaning of this Act.

5Deputy Registrar of Unclaimed Money

(1)

The Secretary may appoint a Deputy Registrar of Unclaimed Money who is employed under Part 3 of the Public Administration Act 2004.

S. 5(2) substituted by No. 69/2013 s. 21.

(2)

The Deputy Registrar has the same powers, duties or functions as the Registrar has under this Act or the regulations or any other Act.

(3)

The person assigned to the position of Deputy Registrar of Unclaimed Moneys under section 10(2) of the Unclaimed Moneys Act 1962 as in force immediately before its repeal by section 104 is taken to be, on and after the commencement of section 104, the Deputy Registrar within the meaning of this Act.

S. 6 amended by No. 69/2013 s. 22.

6Delegation

The Registrar, by instrument, may delegate any power, duty or function of the Registrar, other than this power of delegation, to—

S. 6(a) inserted by No. 69/2013 s. 22.

(a)

an employee referred to in section 7; or

S. 6(b) inserted by No. 69/2013 s. 22.

(b)

a consultant or contractor engaged under section 8.

S. 7 amended by No. 69/2013 s. 23.

7Provision of staff

There may be employed under Part 3 of the Public Administration Act 2004 any employees that are necessary to assist the Registrar in the performance of his or her powers, duties or functions under this Act and the regulations or any other Act.

S. 8 amended by No. 69/2013 s. 24.

8Use of consultants and contractors

The Registrar may engage any consultants and contractors that may be necessary or convenient to enable the Registrar to perform his or her functions under this Act and the regulations or any other Act.

9Authorised officers

(1)

The Registrar is an authorised officer for the purposes of carrying out investigations under Division 1 of Part 6.

(2)

The Registrar may by instrument appoint a person to be an authorised officer for the purposes of carrying out investigations under Division 1 of Part 6.

(3)

The Registrar must not appoint a person to be an authorised officer under this section unless the Registrar is satisfied that the person is suitably qualified or trained to be an authorised officer for the purposes of carrying out investigations under Division 1 of Part 6.

(4)

An appointment of a person to be an authorised officer may—

(a)

specify the powers, duties or functions under this Act or the regulations to which it relates; and

(b)

be made subject to any conditions that the Registrar considers to be appropriate.

10Identity cards

(1)

The Registrar must issue an identity card to each authorised officer appointed by the Registrar.

(2)

An identity card issued to an authorised officer under this section must—

(a)

contain a photograph of the authorised officer; and

(b)

contain the signature of the authorised officer; and

(c)

contain a statement that the person is an authorised officer for the purposes of the Act;

(d)

be signed by the Registrar.

11Business to keep business register

(1)

A business that holds unclaimed money within the meaning of paragraph (a) of the definition of unclaimed money in section 3(1) must—

(a)

establish a business register of unclaimed money, in the prescribed form at, or readily accessible from, its principal office or place of business in Victoria; and

(b)

by 31 March each year, enter in the business register the prescribed details in relation to unclaimed money held as at 1 March in that year.

Note

Failure to comply with this subsection is an offence—see section 17.

(2)

The entry of details of unclaimed money in the business register does not affect or prejudice the rights of the owner of the unclaimed money and the owner may recover the unclaimed money from the business at any time before it is paid to the Registrar under section 12.

(3)

A business may deduct out of unclaimed money payable to an owner an amount in respect of the reasonable expenses of a business in holding unclaimed money and locating the owner.

12Payment of unclaimed money to Registrar and lodgement of return

(1)

On or before 31 May each year (or the later date approved in writing by the Registrar in any particular case), a business that held unclaimed money on 1 March of that year must—

(a)

pay to the Registrar an amount equal to all amounts of unclaimed money held on that 1 March less any amounts that have been paid to the owner and any amounts deducted under subsection (3) or section 11(3); and

(b)

lodge a return with the Registrar in the form and manner determined by the Registrar.

Note

Failure to comply with this subsection is an offence—see section 18.

(2)

The return must include—

(a)

the details included in the business register of all unclaimed money paid to the Registrar under subsection (1)(a); and

(b)

a statement of compliance, in the form approved by the Registrar, and signed by a nominated officer of the business.

(3)

A business may deduct out of unclaimed money payable to the Registrar under this section an amount equivalent to the reasonable expenses of a business in holding unclaimed money and locating the owner.

(4)

On payment to the Registrar of an amount as required by this section, a business is discharged from further liability in respect of that amount.

(5)

In this section, nominated officer of a business means the officer or employee of the business who is responsible for managing unclaimed money held by the business.

Unclaimed Money Act 2008

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