Tasmanian Bills Clause Notes Tasmanian Bills Clause Notes[Index] [Search] [Download] [Bill] [Help]
CLAUSE NOTES
Unclaimed Money Bill 2015
Clause 1 This clause determines the short title of the Act to be the Unclaimed Money Act
2015.
Clause 2 This clause provides that the Act is to commence on a day to be proclaimed.
Clause 3 This clause interprets the terms used in the Act.
Clause 4 This clause sets out the criteria for determining whether money is unclaimed
money for the purposes of Part 2 of the Act. The clause also defines the
entities that are holders of general unclaimed money, as having their principal
place of business in Tasmania. The clause provides that the relevant minimum
amount required to be paid to the State as general unclaimed money is $50, or
an amount determined by the Treasurer. The clause also provides that the
Treasurer can determine that this Act should apply or not apply to holders of
unclaimed money.
Clause 5 This clause provides that a holder of unclaimed money under Part 2 must
establish a register of general unclaimed money. The register must be updated
at least annually and be readily accessible at the holder’s principal place of
business. The holder must allow inspection of the register during normal
working hours on payment of a fee not exceeding $5, or the relevant maximum
amount as determined by the Treasurer.
Clause 6 This clause provides that it is an offence to fail to keep a register of unclaimed
money or make the register available for inspection, and sets the penalties for
such an offence.
Clause 7 This clause provides that all money that has been unclaimed for a period of one
year after being entered into the register is to be paid to the Treasurer for
credit to the Public Account. The holder must provide the Treasurer with a
return providing details of the unclaimed money being paid. The clause provides
that it is an offence to fail to pay unclaimed money to the Treasurer or provide
a return, and sets the penalties for such an offence.
Clause 8 This clause interprets the terms used in Part 3 of the Act.
Clause 9 This clause provides that Part 3 applies to all unclaimed superannuation benefits
which are paid to the Treasurer, or liable to be paid to the Treasurer, under the
Retirement Benefits Regulations 2005.
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Clause 10 This clause provides that the Retirement Benefits Fund Board must give the
Treasurer a statement for each half year (ending on 31 December and 30 June)
setting out unclaimed superannuation benefits, not later than 30 April and
31 October respectively.
The clause provides that it is an offence for the RBF Board to fail to comply
with the provisions of this clause and sets the penalties for such contravention.
Clause 11 This clause provides that unclaimed superannuation benefits must be paid to
the Treasurer when the statement required under clause 10 is provided. The
amount of the unclaimed superannuation benefits to be paid is reduced by the
amount of any benefits paid by the RBF Board after the end of the half year and
before the statement is provided.
Clause 12 The Treasurer is to refund unclaimed superannuation benefits, provided by the
RBF Board under clause 11, to a person if the Treasurer determines that the
person would have been entitled to be paid the benefits by the RBF Board had
they not been paid to the Treasurer.
Clause 13 The Treasurer must refund to the RBF Board any excess superannuation
benefits paid and any other amounts that should not have been paid.
Clause 14 This clause requires the Treasurer to keep a register of unclaimed
superannuation benefits paid under Part 3 in the form and manner determined
by the Treasurer.
Clause 15 The RBF Board, on payment of an amount to the Treasurer, is discharged from
further liability as trustee in respect of those unclaimed superannuation benefits.
Clause 16 This clause provides that anything done by the RBF Board under Part 3 will not
constitute a breach of trust.
Clause 17 This clause provides that, where there is a conflict between a duty imposed on
the RBF Board by Part 3 and a duty imposed on the RBF Board by the
governing instrument of the Retirement Benefits Fund, the RBF Board must
comply with this Part.
Clause 18 Unclaimed superannuation benefits that are paid by the RBF Board to the
Treasurer will be dealt with as unclaimed money.
Clause 19 This clause provides that Part 4 applies to money which has been paid into a
court. Money paid into a court is unclaimed money if a period of six years has
passed since the money was received and no order has been made by the
court for the money to be disposed of to any other person.
Clause 20 This clause provides that all unclaimed money is to be paid by an officer of the
court to the Treasurer for credit to the Public Account. The officer of the court
must provide the Treasurer with a return providing details of the unclaimed
money being paid. The clause provides that it is an offence to fail to pay
unclaimed money or provide a return to the Treasurer and sets the penalties
for such an offence.
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Clause 21 This clause provides that Part 5 applies to money that is considered unclaimed
money under any written law, excluding any amounts dealt with under Part 2, 3
or 4 of the Act.
This clause provides that unclaimed money is to be paid to the Treasurer within
twelve months of it becoming unclaimed or under any other time period
provided for in written law. The holder must provide the Treasurer with a
return providing details of the unclaimed money being paid. The clause provides
that it is an offence to fail to pay unclaimed money or provide a return to the
Treasurer and sets the penalties for such an offence.
Clause 22 The Treasurer is to pay the unclaimed money received into the Public Account.
Clause 23 This clause requires the Treasurer to publish information relating to each sum
of unclaimed money received. The Treasurer may determine the way that the
information is to be published and the period of time for which the information
is to be publicly available.
Clause 24 This clause provides that the Treasurer, or an officer appointed by the
Treasurer, may examine the books and accounts of a holder relating to
unclaimed money and direct that errors be amended. The clause provides that
it is an offence to fail to comply with those requirements and sets penalties for
such an offence.
Clause 25 This clause gives the Treasurer the power to direct that unclaimed money be
returned to a claimant where the Treasurer is satisfied that the claimant is the
owner of the money. Interest is not to be paid on any money repaid, unless
determined by the Treasurer.
Clause 26 This clause relieves the Treasurer from further liability in
respect of unclaimed money repaid under Clause 25. However, a person
claiming money already paid to another claimant may have recourse against that
claimant.
Clause 27 This clause allows the Treasurer to direct that unclaimed money that has been
unclaimed for a period of two years, after it was paid to the Treasurer, is paid
into the Consolidated Fund. The clause provides that an owner’s right is not
affected by the payment into the Consolidated Fund and gives the Treasurer
the power to direct that unclaimed money be returned to the claimant if a
lawful claim is made under clauses 12, 13 or 25. Clause 27 appropriates the
Consolidated Fund for the purpose of making such payments.
Clause 28 This clause allows the Treasurer to meet costs incurred in administering the Act
from the balance of unclaimed money in the Public Account. The clause also
provides that the Treasurer may determine and charge a reasonable fee for any
service or transaction entered into under the Act.
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Clause 29 This clause permits the Treasurer to authorise another Minister or the
Secretary of the Department of Treasury and Finance, by delegation, to
exercise the functions and powers conferred on the Treasurer under the Act.
The clause also permits the Secretary to delegate his or her functions to an
officer of the Department.
Clause 30 This clause provides that a prosecution for an offence shall be by summary
proceedings and may be brought by a person authorised by the Treasurer.
Clause 31 This clause authorises the Governor to make regulations for the purposes of
the Act.
Clause 32 This clause assigns responsibility for the administration of the Act to the
Treasurer.
Clause 33 This clause is a formal provision giving effect to the savings and transitional
provisions specified in Schedule 1.
Clause 34 This clause provides that the legislation referred to in Schedule 2 is amended as
specified.
Clause 35 This clause provides that the legislation referred to in Schedule 3 is repealed.
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