The Unclaimed Monies Act 1891 (the Act) defines unclaimed money to mean:
"...all principal and interest money, and all dividends, bonuses, profits, and sums of money whatsoever, which prior to the passing of this Act, or which hereafter, shall have been in possession of any company for a period of six years or upwards, in respect whereof no claim shall have been made by the owner against the company, and which shall arise out of any dealing had within the said state by any owner or person with the company..."
Section 7A of the Act also states that:
"... any person (not being a company) in possession of any moneys whatsoever which have been in the possession of that person for a period of one year or upwards and of which the owner cannot be found may pay such moneys to the Treasurer of the State..."
An example of a "person" is a Conveyancer, Land Broker, Land Agent, Solicitor, and Lawyer.
When does your money become Unclaimed Money?
Your money becomes unclaimed when:
- the company has exhausted all avenues of finding the owner and the owner has been "lost" for a period of 6 years, or
- the person (not being a company) has exhausted all avenues of finding the owner and the owner has been "lost" for a period of 12 months.
The company must advertise their Unclaimed Monies register in the SA Government Gazette at the start of the 7th and 8th year of the money being unclaimed.
The Act legislates that in the 9th year any money on the register that has remained unclaimed be forwarded to The Department of Treasury & Finance, where the company or individual has their head office registered in South Australia or carries on business in South Australia.
What types of Unclaimed Money is collected by the Department of Treasury and Finance, South Australia?
- Dividends (not company shares)
- Deceased Estates
- Liquidation Disbursement
- Interest
- Unpresented/void/stale cheques
- Wages/ Salaries
- Trust Accounts
- Refunds
- Unclaimed money from other SA Government Departments/Agencies prior to 1 February 1998. After this date each Department/Agency administers its own Unclaimed Money register
- Bank account money prior to 1989
- Insurance policies prior to 1992
- Superannuation from superannuation companies whose head offices are registered in SA or in the case of a superannuation provider who is a natural person; the principal place of carrying on business is in South Australia.
Unclaimed superannuation is only forwarded to the Department of Treasury and Finance when the member is at the eligibility age of 65 or deceased, the head office of the Superannuation Company is registered in South Australia and the Superannuation Company cannot locate the member.
If you are not at the eligibility age of 65 you will need to contact the Australian Taxation Office Lost Members Register on telephone 13 10 20 or www.ato.gov.au or alternatively contact the Superannuation Fund itself.
How do I find out if I have Unclaimed Money?
A request to search the Department of Treasury and Finance's unclaimed monies database can be sent to:
How do I make a claim?
A claim for unclaimed money can be made by completing the unclaimed money application which can be downloaded from this website or an application may be posted to you by telephoning (08) 7424 5261. The completed application can then be posted to The Department of Treasury & Finance, Unclaimed Monies Section, Corporate Services Branch, GPO Box 1045, Adelaide SA 5001 together with certified copies of the required identification.
Please note your claim will be returned to you if received without the required identification specified in the application. Some claims may require additional information for a claim to be properly considered. If this is the case you will be contacted by the Department of Treasury and Finance.
What do I need to do if I am a company whose head office is registered in South Australia or who carries on business in South Australia?
The company is required to keep a schedule of unclaimed money.
The schedule must contain:
- the name of the money's rightful owner
- their last known address to you
- date of birth (if known)
- the amount owed to the rightful owner (pre-advertising costs)
- advertising costs
- the amount owed to the rightful owner (post-advertising costs) and
- the reason that the money is being held.
In the January of the seventh and eighth years, unclaimed amounts greater than $10.00 are required to be advertised in the SA Government Gazette. In the January of the ninth year the unclaimed money is to be forwarded to: Department of Treasury & Finance, Unclaimed Monies Section, Corporate Services Branch, GPO Box 1045, Adelaide SA 5001 together with a copy of the schedule kept by the company.
Section 6 (2) of the Act allows for the costs of advertising in the SA Government Gazette to be deducted from the unclaimed money before forwarding to Department of Treasury and Finance.
If the head office is not registered in South Australia or does not carry on business in South Australia you will need to contact the state or territory where the head office is registered to find out what the procedures for unclaimed money are for the state or territory. Refer to Other Helpful Contacts
Conveyancers, Land Brokers/Agents and Lawyers who are registered as companies with the Australian Securities and Investments Commission are considered "a person (not being a company)" under section 7A of the Act The following legislation requires these businesses to undergo annual audits of their trust accounts and forward any unclaimed money identified at that time.
- Legal Practitioners Act 1981
- Legal Practitioners Regulations 1994
- Conveyancers Act 1994
- Conveyancers Regulations 1995
- Land Agents Act 1994
- Land Agents Regulations 1995
What you need to do if you are a person (not being a company) whose head office is registered in South Australia or who carries on business in South Australia?
You are required to keep a schedule of unclaimed money.
The schedule must contain:
- the name of the money's rightful owner
- their last known address to you
- date of birth (if known)
- the amount owed to the rightful owner and
- the reason the money is being held.
Individuals are required to hold the unclaimed money for a period of 12 months. After this period the money is deemed to be unclaimed and should be forwarded to the Department of Treasury and Finance, Unclaimed Monies Section, Corporate Services Branch, GPO Box 1045 Adelaide SA 5001 together with a schedule and a statutory declaration stating that the money is unclaimed and the rightful owners cannot be located. You are not required to advertise these funds in the SA Government Gazette.
Other Helpful Contacts
- Victoria
State Revenue Office
Telephone: 13 21 61
|
|
- NSW
Office of State Revenue
Telephone: (02) 9689 6200
|
|
- Western Australia
Department of Treasury and Finance
Telephone: (08) 9262 1400
|
|
- Queensland
Public Trustee of QLD
Telephone: (07) 3213 9368
|
|
- Northern Territory
Department of Treasury
Telephone: (08) 8999 7406
|
|
- Tasmania
Department of Treasury and Finance
Telephone: (03) 6233 2948
|
http://www.treasury.tas.gov.au |
- Australian Capital Territory
The Public Trustee for the ACT
Telephone: (02) 6207 9800
|
|
- Australian Securities and Investment Commission (ASIC)
Telephone: 1300 300 630
|
|
- Australian Taxation Office
Superannuation Lost Members Register
Telephone: 13 10 20
|
|
