What is a Corporation’s obligations if it  has come into the possession of unclaimed money by virtue of a transaction occurring in this State?

In accordance with the Unclaimed Money Act 2021, a corporation that carries on business in South Australia other than:

(a) a corporation established on a non-profit basis; or

(b) an ADI; or

(c) a superannuation provider within the meaning of the Superannuation (Unclaimed Money and Lost Members) Act 1999 of the Commonwealth; or

(d) a corporation of a prescribed kind.

Must maintain a register of unclaimed money for all amounts that exceed the prescribed amount of $50.00, in the form determined by the Treasurer.

Once such money has been held by the corporation for at least 5 years and in respect of which there has been no claim by the owner against the corporation, then the register of unclaimed money must be made available free of charge on the corporation’s website or on the Department of Treasury and Finance’s website.

By 31 January each year, Corporations must enter into the register the particulars determined by the Treasurer relating to unclaimed money exceeding the prescribed amount held by the corporation as at 1 January in that year.

How does a Corporation register and publish its unclaimed money particulars on the Department of Treasury and Finance’s website?

Corporations may register and publish their unclaimed money particulars free of charge on the Department of Treasury and Finance’s (DTF) website.

Corporations are required to complete and submit a Lodge Unclaimed Money with DTF application through our portal and use our online tool tips to help complete the process.

Here’s an overview of the lodgement process:

  1. Select Lodge Unclaimed Money from the portal
  2. Complete your Lodger Type and contact details.
  3. Download and create a ‘lodgement file’ in xlsx format, with all the relevant information based on whether the owner is an individual (xlsx) or organisation (xlsx). If the owner is both an organisation and an individual, please use the organisation template and list both the organisation name and the individual name in the ‘organisation name’ field. Once completed, save the file in csv format ready for upload.
  4. The ‘lodgement file’ must list all items of unclaimed money and include details as required in the return file specifications. This includes the following information for each item of unclaimed money:
    • the owner's full name
    • the total amount due to the owner
    • the year the money became payable to the owner
    • a description of the money (dividend, interest, deposit)
    • the owner's last known address
    • date of birth of the owner (if known)
    • Vulnerable Owner determination
  1. The information in the return must be accurate and sufficiently complete for the details to be published and claimants identified.
  2. When your ‘lodgement file’ is ready (and any validation errors have been resolved), you can lodge the unclaimed money.
  3. Once you’ve successfully submitted your lodgement, we’ll email you confirmation of lodgement which includes a lodgement reference number. We will review your lodgement form and if required, we may contact you for further information.
  4. Assuming you have provided satisfactory details, you should expect to receive confirmation of publication (or otherwise) within 20 business days.
  5. Payment should not be made until lodgement confirmation is received.

Should you require any further assistance, please email the Department of Treasury and Finance Unclaimed Money Team email: DTFUnclaimedmoney@sa.gov.au.

When does a Corporation need to pay unclaimed money to the Department of Treasury and Finance?

Once such money has been held by the corporation for 7 years and in respect of which there has been no claim by the owner against the corporation, such money must be paid by the corporation to the Department of Treasury and Finance within 4 months after that anniversary, being 31 May of that year.

Maximum penalty: $5 000.

Upon making payment to the Department of Treasury and Finance, please e-mail your final payment (remittance) details, including a reconciliation thereof to your original lodgement details, to DTFUnclaimedmoney@sa.gov.au.

May other money be paid to the Department of Treasury and Finance?

Under Section 6 of the Unclaimed Money Act 2021, if

(a) person (not being a corporation to which section 4 applies) has been in possession of money, of an amount not less than the prescribed amount, for at least 1 year; and

(b) the owner of the money cannot be found,

the person may pay the money to the Treasurer.

If the Treasurer receives money under this section, the person who paid the money is discharged from any further liability in respect of the money.

A person that elects to pay other money to the Treasurer will be required to complete and submit a Lodge Unclaimed Money with DTF application through our portal. You will be required to select Lodgement Type “Section 6”, complete your contact details and ‘lodgement file’.

Once your lodgement has been completed successfully you may proceed with making payment to the Department of Treasury and Finance. Please e-mail your final payment (remittance) details and lodgement reference number to DTFUnclaimedmoney@sa.gov.au.