The Unclaimed Monies Act
The Unclaimed Monies Act is an Australian act that defines what unclaimed monies are and how they should be handled by the holders of the funds. The act also establishes how owners can find out that they have unclaimed monies and how to claim their funds.
Other People Are Reading
-
Definition
-
The Unclaimed Monies Act defines unclaimed monies as any principal, interest dividends, bonuses, profits and money that is due to an owner. The reason the monies are unclaimed is typically because the rightful owner has moved or died, and therefore the company that owes the owner the money cannot locate the owner or his heirs.
Time Frame
-
The act requires that the holder of the money exhaust all measures to locate the owner for a six-year period. If an individual, rather than a company, holds the money, the individual has to exhaust all measures to find the owner for 12 months. After the search period, an advertisement must be placed in the Unclaimed Monies register. The advertisement must be placed by the start of the seventh year and then run again at the start of the eighth year after the money goes unclaimed. After the ninth year that the money goes unclaimed, the money must be sent to the Department of Treasury and Finance.
-
Types
-
The types of unclaimed funds vary. Unclaimed funds include dividends and interest; estates; disbursements; unpresented, void or stale checks; wages and salaries; trusts; and refunds. Unclaimed funds may also be unclaimed money from government departments or agencies before Feb. 1, 1998--after this date the departments and agencies handled their own register of unclaimed monies. Unclaimed funds may also include bank account money before 1989 and insurance policy money before 1992.
Identification
-
To determine if you have unclaimed money, request to search the database of unclaimed monies managed by the Department of Treasury and Finance for the office that covers your region of Australia (see resources). Requests can be made by calling, emailing, or writing the Unclaimed Monies Section of the Department of Treasury and Finance.
Making a Claim
-
Once you determine you have unclaimed funds, you must make a claim for money. Complete and submit an application, which can be downloaded from the Department of Treasury and Finance website (see Resources) or you can request an application by phone. Include a copy of identification (accepted forms of ID are listed on the application). Submit the form to the address provided on the application. If the Department of Treasury and Finance needs further information, a representative will contact you.
-
References
Resources
- Photo Credit australian money image by Horticulture from Fotolia.com
