All businesses will need to comply with this requirement, with the exception of Private Superannuation Schemes, which have federal requirements. Some types of monies are not covered by this state requirement, but have federal responsibilities, including:
- unclaimed client accounts from banking institutions
- unclaimed Life Insurance Policies that have matured
- unclaimed Monies for companies that have been de-registered
- unclaimed shares/acquisitions under the Corporations Act 2001 (Commonwealth).
By 31 March each year, if your business has unclaimed money, this money must be entered in the Unclaimed Moneys Register. Unclaimed money includes general unclaimed moneys and unclaimed superannuation benefits. General unclaimed monies includes, for example, share dividends, salaries and wages, rents and bonds, debentures and interest, un-presented cheques, trust moneys, and all sums of money $20 or greater that are at least 12 months old.
Advisory material provides advice and guidance in undertaking a business.
Department of Treasury and Finance
State Revenue Office
Unclaimed Money Act 2008 (Victoria)
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