Schedule 4 Amendment of Unclaimed Money Act 1995

(Section 3)

[1]   Section 8A

Insert after section 8:

  

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.

[2]   Section 9 Certain money not unclaimed money

Omit section 9 (3). Insert instead:

  

(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 $20.

[3]   Section 10 Return and payment of unclaimed money to Chief Commissioner

Omit section 10 (1). Insert instead:

  

(1)  An enterprise that holds unclaimed money on 30 June in any year must, within 4 months after that date (or such longer period as the Chief Commissioner may in a particular case allow), lodge with the Chief Commissioner a return relating to that money in a form approved by the Chief Commissioner.

(1A)  If, after 30 June and before the enterprise lodges the return with the Chief Commissioner, the enterprise pays any unclaimed money to the owner of the unclaimed money, the return must contain such particulars relating to the amounts so paid as are required by the form.

(1B)  The enterprise, when lodging the return, must pay to the Chief Commissioner an amount equal to the sum of the unclaimed money specified in the return less the sum of amounts paid by the enterprise and specified in accordance with subsection (1A).

[4]   Section 10 (3)

Insert “, (1A) or (1B)” after “subsection (1)”.

[5]   Section 24 Chief Commissioner may repay unclaimed money to owner

Omit section 24 (3) and (4).

[6]   Section 26A

Insert after section 26:

  

26A   Recovery of money wrongly paid

(1)  If money is paid under this Part to a person who is not the owner of the money, the Chief Commissioner is entitled to recover the money from the person to whom it was paid (unless prevented from doing so by operation of the Limitation Act 1969.)

(2)  The Chief Commissioner is to pay money recovered under this section into the Consolidated Fund.

[7]   Schedule 2 Savings, transitional and other provisions

Insert at the end of clause 1 (1):

  

State Revenue Legislation Further Amendment (No 2) Act 2001 (to the extent that it amends this Act)