Victorian Current Acts Victorian Current Acts(1) In this Act—
"amount payable" means the amount due and payable to the Registrar by a business or trustee under Parts 3 and 4;
"assessment" means an assessment made by the Registrar under section 36 of an amount payable;
"authorised investigation" means an investigation authorised under Division 1 of Part 6;
"authorised officer" means a person appointed by the Registrar to be an authorised officer under section 9;
"authorised person "means—
(a) an authorised officer;
(b) any other person engaged (whether as an officer or employee or otherwise) in the administration of this Act;
S. 3(1) def. of business amended by Nos 9/2013 s. 40, 17/2014 s. 160(Sch. 2 item 101.1(a)), 9/2020 s. 390(Sch. 1 item 106).
"business" means any person carrying on business in Victoria including—
(a) a corporation within the meaning of the Corporations Act;
(b) a Council within the meaning of the Local Government Act 2020 ;
(c) a public hospital within the meaning of the Health Services Act 1988 ;
(d) a co-operative within the meaning of the Co-operatives National Law (Victoria);
(e) a society within the meaning of the Co‑operative Housing Societies Act 1958 ;
(f) a partnership, including a limited partnership;
(g) a trustee company within the meaning of the Trustee Companies Act 1984 ;
(h) a law practice within the meaning of the Legal Profession Uniform Law (Victoria);
(i) any body, whether or not incorporated, prescribed to be a business;
"business register" means a register of unclaimed money that a business must establish under section 11;
"corresponding law" means an Act of another State or a Territory which is in relation to unclaimed money;
"Court" means—
(a) other than in sections 46, 80 and Part 7, the Supreme Court;
(b) in sections 46, 80 and Part 7, the Supreme Court, County Court or Magistrates' Court;
"default" means a failure by a business or trustee to pay an amount payable;
"Deputy Registrar" means the person appointed as Deputy Registrar of Unclaimed Money under section 5;
money paid into Court has the meaning given by section 86 ;
"objector" means a person who lodges an objection under section 56(1) ;
S. 3(1) def. of owner amended by No. 22/2018 s. 23(1).
"owner", other than in Part 8, means the person entitled to any unclaimed money including—
(a) the person's executor, administrator or assignee; or
(b) the person's lawful attorney or agent;
"person" includes a body or association (corporate or unincorporate) and a partnership, including a firm;
S. 3(1) def. of police officer inserted by No. 37/2014 s. 10(Sch. item 173.1).
"police officer" has the same meaning as in the Victoria Police Act 2013 ;
premises includes land, a vehicle, a vessel and an aircraft;
"prescribed" means prescribed by the regulations;
S. 3(1) def. of proper officer amended by No. 69/2013 s. 18.
"proper officer", in relation to—
(a) the Supreme Court, means the Prothonotary or the Senior Master of the Supreme Court;
(b) the County Court, means the registrar, deputy registrar, or other officer of the County Court;
(c) the Magistrates' Court, means the principal registrar, registrar or deputy registrar of the Magistrates' Court;
S. 3(1) def. of reasonable expenses of a business in holding unclaimed money and locating the owner amended by No. 50/2024 s. 55.
reasonable expenses of a business in holding unclaimed money and locating the owner include—
(a) bank fees, stationery and postage; and
(b) any other expenses of a kind determined by the Registrar under subsection (2);
"reassessment" means a reassessment made by the Registrar under section 37 of an amount payable;
"Registrar" means the person appointed as Registrar of Unclaimed Money under section 4;
"Secretary "means Secretary to the Department of Treasury and Finance;
"trustee "includes an executor, an administrator or a trustee company within the meaning of the Trustee Companies Act 1984 ;
S. 3(1) def. of unclaimed money amended by No. 22/2018 s. 26.
"unclaimed money" means—
(a) principal, interest, dividends, bonuses, profits, salaries, wages and any other sums of money that are legally payable to the owner and that have remained unpaid for not less than 12 months after that money became payable; or
(b) money that has been converted from unclaimed trust property within the meaning of section 14 by a trustee after the expiration of the required period under Division 2 of Part 3—
other than any amount the value of which is less than $20 or the prescribed amount (whichever is higher);
"unclaimed money register" means the unclaimed money register kept by the Registrar under section 28.
(2) For the purposes of the definition of reasonable expenses of a business in holding unclaimed money and locating the owner in subsection (1), the Registrar may determine and specify, by instrument published in the Government Gazette, the kinds of expenses that are reasonable expenses.
S. 3(2A) inserted by No. 69/2013 s. 19.
(2A) For the purposes of the definition of unclaimed money in subsection (1), an amount of money that consists of both principal and interest is unclaimed money if the sum of the principal and interest is equal to or greater than $20 or the prescribed amount (whichever is higher).
(3) For the purposes of the definition of owner and paragraph (a) of the definition of unclaimed money in subsection (1), in determining if a person is entitled to money or if money is legally payable to the owner, no account is taken of whether or not—
(a) the owner is required to take any action by way of demand or otherwise to claim or recover the money; or
(b) there is or has been any shift in entitlement to the money accompanied by an arrangement or undertaking (whether enforceable or not) to pay the owner if the owner subsequently makes a claim.
(4) Despite subsection (3) and subject to subsection (5), money is not unclaimed money at any particular time if, at that time, the business holding the money knows or has reason to believe that the owner of the money wishes the business to continue to hold the money.
(5) For the purposes of subsection (4), a business does not have reason to believe that an owner wishes the business to continue to hold the money because the owner does not respond to a communication from the business (or does not respond as specified in the communication), even if the terms of the communication suggest that the owner's failure to respond indicates such a wish.
(6) For the purposes of subsections (4) and (5), if it is necessary to establish the belief of a business, it is sufficient to show that—
(a) in the case of a business that is a body corporate—
(i) an employee or agent of the body corporate holds the belief; or
(ii) a person concerned in the management of the body corporate within the meaning of section 26(5) holds the belief;
(b) in the case of a business that is a partnership, firm, unincorporated body or association, a person who is an employee, agent or member of the partnership, firm, unincorporated body or association holds the belief.
S. 3(6A) inserted by No. 22/2018 s. 23(2).
(6A) For the purposes of paragraph (a) of the definition of "owner" in subsection (1), a reference to—
(a) the person's executor is a reference to the executor of the will of the person, if probate of the will has been granted, sealed or resealed in any jurisdiction in Australia; and
(b) the person's administrator is a reference to the administrator of the estate of the person, if letters of administration have been granted, sealed or resealed in any jurisdiction in Australia.
S. 3(7) amended by No. 17/2014 s. 160(Sch. 2 item 101.1(b)).
(7) A reference in this Act to a business holding unclaimed money, being a business that is a law practice within the meaning of the Legal Profession Uniform Law (Victoria) includes a reference to that law practice holding unclaimed money in its trust account.
(8) A reference in this Act to a business holding unclaimed money includes a reference to the business holding that money as a trustee.
Part 2—Administration