(1) For the purposes of this Act, money is unclaimed money if it is money of a kind referred to in section 8 that an enterprise holds in an account that has not been operated on for at least:(a) 6 years, or(b) such shorter period:(i) as may be prescribed by the regulations (being a period of not less than 2 years), or(ii) as may be approved, in relation to a particular enterprise, by the Chief Commissioner at the request of the enterprise (being a period of not less than 12 months).(2) The account may include:(a) money whose owner is not identifiable, and(b) money owned jointly or severally by 2 or more persons.
8 Money that may constitute unclaimed money
Money may be unclaimed money only if it is one of the following kinds:(a) money (including principal and interest, dividends, bonuses and profits) the recovery of which has been or may be barred by operation of law,(b) money on deposit,(c) share capital subscribed for a share in a body from which the capital subscribed may be withdrawn by the subscriber.
8A Enterprise must first make reasonable efforts to ensure owner is paid money
(1) An enterprise that holds any money of a kind referred to in section 8 in an account referred to in section 7 (1) must make reasonable efforts:(a) to identify and locate the owner of the money, and(b) to ensure that the money is paid to the owner of the money.Maximum penalty: 50 penalty units.
(2) Money held by an enterprise in an account is not unclaimed money (despite section 7) unless, after making reasonable efforts and after a reasonable period has passed, the enterprise is unable to ensure that the money is paid to the owner of the money.(3) This section does not apply in respect of any money that is not unclaimed money because of section 9.
9 Certain money not unclaimed money
(1) Money held by an enterprise in an account is not unclaimed money at any particular time (despite section 7) if, at that time, the recovery of the money by its owner is not barred by operation of law and:(a) the enterprise holding the money also holds other money (not being unclaimed money) of the owner in an account, or(b) the enterprise (or an officer of an enterprise that is not a natural person) knows or has reason to believe that the owner of the money wishes to retain the money in the account.(2) However, an enterprise (or an officer of an enterprise that is not a natural person) does not have reason to believe that an owner wishes to retain money in an account merely because the owner does not respond to a communication from the enterprise (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.(3) For the purposes of this Act, money is not unclaimed money if:(a) the money is, or is of a class, prescribed by the regulations as exempt from the operation of this Act, or(b) the money is held by an enterprise that is, or is of a class, prescribed by the regulations as exempt from the operation of this Act, or(c) the amount of money in the account concerned does not exceed $100.