Unclaimed Money Act 1990

In this Act, unless the contrary intention appears —

to unclaimed money, includes a person who is by section 7 taken, or deemed, to be for the purposes of this Act the holder; and

to prescribed retained money, means the person who holds the money under the written law by virtue of which the money is for the purposes of section 9 to be taken to be prescribed retained money;

a person acting for or on behalf of the owner;

the personal representative of a deceased owner; or

any other person lawfully claiming an interest, derived though the owner;

money deemed to be unclaimed money by the operation of section 7(2) or (3) or section 10(1); and

money to which section 13(2) applies.

References in this Act —

to money, include the principal and, subject to section 16(1), any interest paid or payable in relation to that money;

to interest, include any amount in the nature of interest, and any dividend, bonus or profit derived from the principal; or

to money which is held, include an amount which although not in the possession of the holder is subject to the control of the holder,

For the purposes of this Act, money may be taken to be liable to be paid notwithstanding that, as between a holder and an owner, a notice or demand would be required before that money became owed or payable.

This Act applies —

to money payable voluntarily to the Treasurer under this Act;

to money which is unclaimed money and is, or may be required to be, paid to the Treasurer under this Act; and

to prescribed retained money, subject to any trust or other specific requirement affecting the disposal of that money which is imposed by the written law by virtue of which that money is to be taken for the purposes of section 9 to be prescribed retained money.

Where a holder pays money to the Treasurer in accordance with this Act, the holder in respect of the money so paid shall, subject to section 7(2), thereafter be relieved of all further liability to any person claiming as owner, notwithstanding that any relevant period of limitation in respect of a claim to which that money relates has not expired.

This Act does not apply to or in relation to money to which —

any of the following provisions of Acts of the Commonwealth apply, namely —

section 53 of the Commonwealth Banks Act 1959;

section 69 of the Banking Act 1959;

section 106 of the Life Insurance Act 1945 ¹;

section 254 of the Bankruptcy Act 1966;

section 12 or 14 of the Superannuation (Unclaimed Money and Lost Members) Act 1999;

a provision of an Act of the Commonwealth prescribed for the purposes of this subsection applies.

Part 2 of this Act does not apply to or in relation to —

money in respect of which the liability for payment, or the amount that is payable, is disputed or not ascertained;

unpresented traveller’s cheques; or

money which —

is an amount of less than $100, or such other amount as may be prescribed; or

has been obtained or dealt with in such a manner, or is of such a kind, as may be prescribed,

This Act binds the Crown.

to the Treasurer under this Act, but for this section; and

to a Minister of the Crown under a law of the Commonwealth or of a State or Territory,

Subject to section 4(3) and (5), any money which is situated in the State and to which this Part applies shall be taken, for the purposes of this Act, to be unclaimed money.

Any money, other than money to which subsection (3) applies or prescribed retained money, which represents a liquidated sum liable to be paid by a holder for 6 years after the date on which —

the money became payable by that holder; or

payment might have been demanded or enforced,

Any money, other than prescribed retained money, which was deposited with or lent to the holder —

so as to bear interest —

without time limit; or

for a fixed term or terms, to be re‑invested from time to time on expiry of the preceding fixed term,

so as to bear interest for a fixed term but not thereafter to be re‑invested, and has remained in the possession of that holder for 6 years after the expiry of that fixed term; or

not so as to bear interest, whether upon current account or otherwise, but where the owner has not dealt with the money deposited for 6 years,

A person shall for the purposes of this Act be taken to be the holder of unclaimed money if that person —

holds that money as a person who or which on behalf of other persons holds money in the normal course of a business, trade or profession;

borrowed that money, in the course of a business comprised wholly or in part by the borrowing or lending of money;

is a company or other body corporate, or the liquidator or receiver of a company or other body corporate, and that money is in respect of —

a deposit with or loan to;

a dividend payable by; or

securities related to,

holds or is liable to pay that money by way of salary, wages, pension or superannuation benefit due to any other person;

holds the money subject to a trust in respect of that money;

acts for or on behalf of another person who is a holder of that money, or is the personal representative of a deceased holder; or

is a person prescribed, or a person of a kind prescribed, for the purposes of this section.

Where a person ceases to carry on a business, or dies, and for a period of not less than 6 months after that date the person who had carried on the business, or who is the personal representative of the deceased, has held or been liable to pay money of which the owner is not known and which, had the appropriate period by then expired, would have been unclaimed money of which that person was the holder, on an application made by that person the Treasurer may accept a voluntary payment of that money into the Treasury, and on receipt of that money in the Treasury that money may be dealt with by the Treasurer as though it had been unclaimed money of which the applicant shall be deemed to have been the holder but without prejudice to any further liability which the applicant may have had to the owner.

Where any money is held or is liable to be paid by a person who would not by the operation of subsection (1) be taken to be a holder of that money but the money would have been unclaimed money had it been held by a person who was taken or deemed to be a holder, on an application made by the person who holds or is liable to pay the money the Treasurer may, on such conditions as the Treasurer may impose, agree that that person should be deemed to be a holder for the purposes of this Act in respect of that money and thereupon the Treasurer may issue a certificate that the person shall be so deemed and effect shall be given to that certificate.

An application made under subsection (2) or (3) shall not be approved unless the Treasurer is —

satisfied that particulars of the money to which the application relates, of the person on whose behalf the money was held or to whom it is liable to be paid, and of any trust affecting that money, have been furnished to the Treasury; and

provided with —

such further information relating to the application as the Treasurer may require; and

facilities for the inspection and examination of any books relating to accounting or financial information in respect of, or any other document relating to, that money or matters relating to that money,

For the purposes of subsection (1)(c) the reference to a dividend or to securities shall be construed by reference to the Corporations Act 2001 of the Commonwealth —

if the body corporate is a company; or

if the body corporate is not a company, if the money is of a kind that could have been so construed had it been payable by a company.

A person who, on 31 December in any year, is in possession of or is liable to pay any unclaimed money and is a person who by this Act is taken or deemed to be a holder of that money shall —

not later than 31 January in the succeeding year notify the Treasurer in the prescribed manner of —

the amount of that money;

the person on whose behalf it is held or to whom it is liable to be paid;

the manner, or the respective manners, in which the holder came into possession of the money and the date of so doing; and

such other matters as may be prescribed in relation to that money;

provide to the Treasurer —

such further information relating to that money as the Treasurer may require; and

facilities for the inspection and examination of any books relating to accounting or financial information in respect of, or any other document relating to, the unclaimed money or matters relating to that money,

Not later than 31 July in any year, a person who pays to the owner or any other person any money of which notification was given under subsection (1) to the Treasurer in that year, shall notify the Treasurer, in writing or in such other manner as may be prescribed, of —

the amount and date of the payment, and to whom it was made; and

such other matters relating to that payment as may be prescribed,

Where money —

being money to which section 28 of the Disposal of Uncollected Goods Act 1970 applies, is, or is liable to be, deposited with the Treasurer;

under section 10(3) of the Warehousemen’s Liens Act 1952 is, or is liable to be, paid to the Treasurer for payment to the Consolidated Account;

under section 8 of the Escheat (Procedure) Act 1940 is, or is liable to be, paid to the Treasurer;

under section 45(1) of the Public Trustee Act 1941 is paid to the Treasury for the public service;

having been paid into the Supreme Court by a person under section 99 of the Trustees Act 1962, or under an Act repealed by that Act, and not distributed, is vested in the Public Trustee and is for the time being held in the Common Account as defined in section 2 of the Public Trustee Act 1941;

is money, or the proceeds of a sale of property, unclaimed by the person entitled, which under section 27 of the Trustee Companies Act 1987 is, or is liable to be, paid to the Treasurer;

is money that under the Criminal and Found Property Disposal Act 2006 is to be dealt with under this Act;

is money that under the Major Events Act 2023 section 87(7) is, or must be, paid to the Treasurer;

is the proceeds of a sale or disposal, under the Road Traffic Act 1974 section 80J(2), of an uncollected vehicle or an item, as defined in section 80J(1) of that Act, which under section 80J(7)(k) of that Act is, or is liable to be, paid to the Treasurer;

which is not for the time being disbursable prescribed retained money and represents the net proceeds of a sale of goods under regulations under Schedule 7, item 16 of the Port Authorities Act 1999, is, or is liable to be paid to the Treasury;

is money which —

is to be held on a trust, or subject to any duty or requirement, imposed by a written law for the use or benefit of persons who may have a claim as owner in respect of that money; or

is held in any department or statutory authority, within the meaning of the Financial Management Act 2006, or by a person subject to the provisions of that Act by virtue of the office, service or employment of that person, under any written law for or on account or for the use or benefit of any other person as owner,

is money which is by any written law required to be dealt with as though it were money to which the repealed Act applied,

Regulations made under this Act may, by reference to the written law under which the money is held or to the circumstances under which the money is held, provide that money of a kind therein specified shall be taken for the purposes of this section to be prescribed retained money.

Subject to section 4(1)(c), regulations made under this Act may provide that where a person is the holder of prescribed retained money that person shall —

on or before a date specified in the regulations —

notify the Treasurer in the prescribed manner of the matters referred to in section 8(1)(a); and

provide to the Treasurer the information and facilities referred to in section 8(1)(b);

not later than 6 months after the date so specified, notify the Treasurer in the prescribed manner of the matters referred to in section 8(2),

Subject to section 4(1)(c), prescribed retained money which was or is required by any written law to be, and which has been or is, paid by the holder to the Treasurer or Treasury shall, after the coming into operation of and for the purposes of this Act, be deemed to be, and may be dealt with by the Treasurer as though it were, unclaimed money.

Any sum authorised as disbursable, in respect of dues, charges, expenses or other liabilities, under the written law by virtue of which the money is to be taken for the purposes of this Part to be prescribed retained money may be paid out of or deducted from that prescribed retained money, whether before or after it was or is required to be paid to the Treasurer or Treasury.

The Treasurer shall, as soon as may be practicable in any year, cause to be advertised the respective amounts and prescribed particulars of —

unclaimed money notified to the Treasurer in that year under section 8(1), of which no notification of payment has been given under section 8(2);

unclaimed money notified to the Treasurer otherwise than under section 8, or received in the Treasury otherwise than as prescribed retained money, in that year; and

prescribed retained money, in so far as the regulations may require.

Regulations made for the purposes of this section may require persons subject to this Act to furnish to the Treasurer, or to a specified person authorised by the Treasurer, the information required for the purpose of advertisement in a manner and at a time and in a suitable legible form to enable the advertising copy to be collated.

The advertisement to be published under subsection (1) shall distinguish between —

money which a person proposes to pay to the Treasurer voluntarily; and

money which the holder is required to pay to the Treasurer under this Act,

The Treasurer shall ensure that the information required to be contained in the advertisement to be published under subsection (1) is made available for general public information in Police Stations, and in local government and Government offices and —

appears in a special edition or editions of the Gazette; or

is otherwise made known by newspaper advertisement or by a means which is appropriate to the nature of the circumstances under which the liability for payment arose or is likely to be brought to the attention of probable claimants.

the money is recoverable by the owner from the person holding or liable to pay the money, until the money has been paid to the Treasurer under this Act, but not thereafter; and

if the money has been so paid to the Treasurer, the owner may apply to the Treasurer for payment to be made under section 15.