Victorian Current Acts

UNCLAIMED MONEY ACT 2008 - SECT 12

    (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.

Division 2—Obligations of trustees in respect of unclaimed trust property