Unclaimed Money Act 2008

The Registrar may make one or more reassessments of an amount payable in respect of a business or trustee.

A reassessment may consist of or include a determination that there is not a particular amount payable.

Nothing prevents the Registrar—

from making a reassessment of an amount payable by a business or trustee after an amount previously assessed as being payable by the business or trustee has been paid by that business or trustee; or

from making a reassessment under which the business or trustee is assessed as owing an additional or greater amount than the amount previously assessed.

The Registrar cannot make a reassessment of an amount payable more than 5 years after the initial assessment, unless—

the reassessment is to adjust the amount payable to give effect to a decision on an objection, review or appeal as to the initial assessment; or

at the time the initial assessment or a reassessment was made, all the facts and circumstances affecting the amount payable by the business or trustee in respect of whom the assessment or reassessment was made were not fully and truly disclosed to the Registrar.

The time limited by subsection (4) applies even if the initial assessment is withdrawn.