Unclaimed Moneys Act 1918

Unclaimed Moneys Act 1918

An Act to provide for giving publicity and information relating to unclaimed moneys

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART 1 - [Part 1 Heading inserted by No. 80 of 1997, s. 4, Applied:15 Jan 1998] Preliminary

1.   Short title

[Section 1 Amended by 25 Geo. V No. 78 ]This Act may be cited as the Unclaimed Moneys Act 1918 .

2.   Interpretation

[Section 2 Amended by 25 Geo. V No. 78 ]In this Act, unless the contrary intention appears –

company includes –

(a) every company which, having for its object the acquisition of gain, is registered or incorporated in this State under any Act relating to companies;

(b) every company which, having for its object the acquisition of gain and carrying on business in this State, is registered or incorporated elsewhere than in this State;

(c) every banking or life assurance company or association, except the Commonwealth Bank of Australia, howsoever or wheresoever registered or incorporated, carrying on business within this State;

(d) every person or firm carrying on business as traders in this State, and acting as agents or private bankers for individuals or companies;

(e) the liquidator of any company; and

(f) any persons conducting or controlling any lottery authorized by law in this State;

owner means the person entitled to any unclaimed moneys, and includes his executors, administrators, or assigns, or his or their lawful attorney or agent in this State;

public officer means any person employed by the Government of this State;

unclaimed moneys means all principal and interest money, and all dividends, bonuses, profits, and sums of money whatsoever which shall have become legally payable by a company to the owner since the first day of January 1913, and not before, or which at any time after the commencement of this Act become payable to him, but the recovery whereof has been or may be barred by operation of law.

PART 2 - [Part 2 Heading inserted by No. 80 of 1997, s. 5, Applied:15 Jan 1998] Unclaimed moneys generally

3.   Register of unclaimed moneys

[Section 3 Amended by 25 Geo. V No. 78 ]

(1)  [Section 3 Subsection (1) amended by No. 17 of 1996, Applied:14 May 1998] It shall be the duty of every company, in the month of January in each year to enter all unclaimed moneys of not less than six dollars in any one account in an alphabetical register to be made up to the thirty-first day of December last preceding, and kept by such company at its head or principal office in this State, in form I in the schedule , and with the particulars therein specified.

(2)  [Section 3 Subsection (2) amended by No. 17 of 1996, Applied:14 May 1998] After the last day of January in each year such register shall be open to the inspection of all persons at such head or principal office during the hours within which the company transacts its ordinary business, on payment of a fee of ten cents.

4.   Copy of register to be gazetted and declaration filed

[Section 4 Amended by 25 Geo. V No. 78 ][Section 4 Amended by No. 5 of 1990, s. 3 and Sched. 1 ]Every company shall, before the fifteenth day of February in each year –

(a) publish a copy of such register in the Gazette; and

(b) file at the Department a statutory declaration, in form II in the schedule , by an officer of the company.

5.   Penalty for neglect in keeping register, &c.

[Section 5 Amended by 25 Geo. V No. 78 ][Section 5 Amended by No. 55 of 1965, s. 5 ][Section 5 Amended by No. 43 of 1991, s. 5 and Sched. 1 ]Any company failing to keep such register, or refusing inspection thereof, or failing to publish such copy, or file such declaration, is guilty of an offence and is liable on summary conviction to a penalty not exceeding 2 penalty units for each day during which the offence continues.

6.   Unclaimed moneys paid to Treasurer: Power of company to deduct expenses

[Section 6 Amended by 25 Geo. V No. 78 ]

(1)  [Section 6 Subsection (1) substituted by 18 Geo. V No. 20, s. 2 ]Within fourteen days after the expiration of one year from the publication of any such copy register as aforesaid, the company shall deliver to the Treasurer a return in form III in the schedule , setting out the particulars of the unclaimed moneys referred to in such copy register, and indicating which, if any, of the said moneys have been paid by the company to the owners thereof since such publication as aforesaid.

(2)  [Section 6 Subsection (2) amended by No. 80 of 1997, s. 6, Applied:15 Jan 1998] The company shall, at the time of the delivery of the said return, pay to the Treasurer for the use of the Public Account such of the unclaimed moneys so referred to as aforesaid as have not been so paid to the owners thereof as aforesaid.

(3)  Such return as aforesaid shall be verified by statutory declaration appended thereto, to be made by an officer of the company, and to be in form III in the schedule .

(4)  The company shall thereafter be relieved from any further liability in respect of the moneys so paid.

(5)  The company may deduct out of all unclaimed moneys payable by the company to the Treasurer, or to any claimant, the expenses paid by the company in the publication of the register.

(6)  [Section 6 Subsection (6) amended by No. 43 of 1991, s. 5 and Sched. 1 ]If any company fails to pay any unclaimed moneys to the Treasurer, as required by this section, such moneys shall be a debt due to His Majesty, and payment thereof may be recovered and enforced accordingly, and the company is guilty of an offence and is liable on summary conviction to a penalty not exceeding 2 penalty units for each day during which the offence continues.

7.   Power of Treasurer to examine register and accounts

[Section 7 Amended by 25 Geo. V No. 78 ]The Treasurer may, at any time after any publication of the register as aforesaid, examine the register and any of the accounts relating to the unclaimed moneys in such register referred to; and may for that purpose require the production before him, or before such public officer as he may appoint, of any book, vouchers, or documents referring to such moneys, and if any error shall be found in any register or the copy thereof as published he may direct the register or copy, or both, to be amended.

8.   Power of Treasurer to pay lawful claimants

[Section 8 Amended by 25 Geo. V No. 78 ]If any claimant shall make any demand against the Treasurer for any money paid to him under the provisions of this Act, the Treasurer, upon being satisfied that such claimant is the owner of the money demanded by him, shall order and direct payment thereof to be made to him without interest.

8A.   

9.   Treasurer not responsible for payment in certain cases

Where any unclaimed moneys paid to any claimant are afterwards claimed by any other person, the Treasurer shall not be responsible for the payment of the same, but such person may have recourse against the claimant to whom the Treasurer has paid the unclaimed moneys.

10.   Act not to apply to certain unclaimed moneys

[Section 10 Amended by No. 36 of 1958, s. 4 and Sched. 3 ][Section 10 Amended by No. 5 of 1990, s. 3 and Sched. 1 ][Section 10 Amended by No. 20 of 1995, s. 5 and Sched. 3 ]This Act shall not apply to any unclaimed moneys which any trustee company is required by law to pay to The Public Trustee or to the Treasurer, nor to any unclaimed moneys which any company, or the liquidator of any company, or any trustee of any bankrupt estate, is required by law to pay to the State.

11.   Unclaimed money

[Section 11 Inserted by 6 Geo. VI No. 44, s. 2 ]

(1)  [Section 11 Subsection (1) amended by No. 68 of 1994, s. 3 and Sched. 1 ][Section 11 Subsection (1) amended by No. 80 of 1997, s. 7, Applied:15 Jan 1998] Where money has been paid into any court in this State, and –

(a) has been unclaimed by the person entitled thereto; and

(b) no order has been made by such court for the disposal thereof to any other person –

for a period of six years after the same was paid into such court, the responsible officer of such court shall pay such money and all interest, if any, received in respect thereof, to the Public Account.

(2)  Such officer as aforesaid shall forward to the Treasurer in the month of July in each year a statement of all moneys in such court which have been unclaimed for a period exceeding twelve months.

PART 3 - Unclaimed superannuation benefits

12.   Interpretation of Part 3

[Section 12 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998] In this Part, unless the contrary intention appears –

Commonwealth Act means the Superannuation Industry (Supervision) Act 1993 of the Commonwealth;

exempt public sector superannuation scheme has the same meaning as in the Commonwealth Act;

fund means –

(a) a fund as defined in Part 22 of the Commonwealth Act; or

(b) an exempt public sector superannuation scheme;

trustee has the same meaning as in the Commonwealth Act;

unclaimed superannuation benefit means an amount of money that is taken under Part 22 of the Commonwealth Act to be unclaimed money.

13.   Application of Part 3

[Section 13 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998] This Part applies to a fund and the trustee of a fund if –

(a) [Section 13 Amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] the trustee is a corporation within the meaning of the Corporations Act and its registered office within the meaning of that Act is in Tasmania; or

(b) in the case of a trustee who is a natural person, the principal place where the trustee carries on business as a trustee is in Tasmania; or

(c) in the case of an exempt public sector superannuation scheme, the principal place where the fund is administered is in Tasmania; or

(d) where there are 2 or more trustees of the fund and paragraph (a) or (b) applies to one or more but not to all the trustees, the principal place where the fund is administered is in Tasmania.

14.   Statement of unclaimed superannuation benefits

[Section 14 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998]

(1)  The trustee of a fund must give to the Treasurer a statement, in a form approved by the Treasurer, of all unclaimed superannuation benefits in the fund as at –

(a) 30 June 1997; and

(b) the end of each subsequent 6 month period.

(2)  The trustee must give the Treasurer the statement –

(a) in relation to the 6 month period ended on 30 June 1997, on or before 30 April 1998; and

(b) in relation to a subsequent 6 month period ending on 30 June, on or before the following 31 October; and

(c) in relation to a 6 month period ending on 31 December, on or before the following 30 April.

(3)  The Treasurer, at any time, may approve generally, or in respect of a particular trustee, a date later than that specified in subsection (2)(a) , (b) or (c) by –

(a) giving notice in writing of that approval to the relevant trustees or trustee; or

(b) publishing notice of that approval in the Gazette.

(4)  If, after the end of a half-year and before the trustee gives the statement to the Treasurer, the trustee pays any unclaimed superannuation benefit to a person who is entitled to it, the statement must contain any particulars about the payment as may be required by the form approved under subsection (1) .

(5)  An approval by the Treasurer of a form of statement for the purposes of subsection (1) may require that the statement contains the tax file number of –

(a) any beneficiary of the relevant fund where –

(i) the statement relates to the beneficiary; and

(ii) the beneficiary has quoted his or her tax file number to the trustee for the purposes of the Commonwealth Act; and

(b) the fund.

(6)  An approval by the Treasurer of a form of statement for the purposes of subsection (1) may require or permit the statement to be given on a specified kind of data processing device in accordance with specified software requirements.

(7)  A trustee must not intentionally or recklessly contravene or fail to comply with a provision of this section.

Penalty:  Fine not exceeding 20 penalty units.

15.   Payment of unclaimed superannuation benefits

[Section 15 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998] The trustee of a fund, when giving a statement under section 14 , must pay to the Treasurer, for payment into the Public Account, an amount calculated in accordance with the formula A - B, where –

A is the amount specified in the statement provided in accordance with section 14(1) ;

B is the sum of any amounts specified in the statement in accordance with section 14(4) .

16.   Treasurer to refund unclaimed superannuation benefits

[Section 16 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998]

(1)  If –

(a) a trustee pays an unclaimed superannuation benefit to the Treasurer under this Part; and

(b) the Treasurer is satisfied on application made by a person that, if this Part and Part 22 of the Commonwealth Act had not been enacted, that person would have been paid that unclaimed superannuation benefit by the trustee –

the Treasurer must pay an amount equal to the amount of that unclaimed superannuation benefit to that person.

(2)  An application under subsection (1)(b) is to be in a form approved by the Treasurer.

(3)  If the trustee of a fund, after paying an amount to the Treasurer under this Part, satisfies the Treasurer that the amount so paid exceeds the amount that the trustee would have paid to the person concerned, the Treasurer must refund to the trustee the amount of the excess.

17.   Register of unclaimed superannuation benefits

[Section 17 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998]

(1)  The Treasurer must keep a register containing particulars of unclaimed superannuation benefits paid to the Treasurer under this Part.

(2)  Subject to subsection (3) , the register may be in such form, and kept in such manner, as the Treasurer determines.

(3)  The register, in respect of each unclaimed superannuation benefit recorded in the register –

(a) must include –

(i) the name of the fund in which the benefit was held; and

(ii) the name of the person in respect of whom the benefit was payable; and

(b) may include the tax file number of –

(i) the person in respect of whom the benefit was payable; and

(ii) the fund.

18.   Discharge of liability

[Section 18 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998] A trustee of a fund is, on payment to the Treasurer of an amount as required by this Part, discharged from further liability as trustee in respect of that amount.

19.   Trustee not in breach of trust

[Section 19 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998] Nothing done by a trustee of a fund in accordance with this Part is a breach of trust by the trustee.

20.   Conflict with governing instrument of exempt public sector superannuation scheme

[Section 20 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998] If there is a conflict between a duty imposed on the trustee of an exempt public sector superannuation scheme by this Part and a duty imposed on that trustee by the governing instrument of the scheme, whether the governing instrument is an Act, regulations or any other kind of instrument, the trustee must comply with this Part and in doing so will be taken to have complied with the governing instrument.

PART 4 - Unclaimed RSA money

21.   Interpretation of Part 4

[Section 21 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998] In this Part –

Commonwealth Act means the Retirement Savings Accounts Act 1997 of the Commonwealth;

RSA has the same meaning as in section 8 of the Commonwealth Act;

RSA provider has the same meaning as in section 12 of the Commonwealth Act;

unclaimed RSA money means an amount that, under Part 8 of the Commonwealth Act, as modified for the time being under Part 15 of that Act, is taken to be unclaimed money.

22.   Application of Part 4

[Section 22 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998] [Section 22 Amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] This Part applies to an RSA provider that has its registered office, within the meaning of the Corporations Act, in Tasmania.

23.   Statement of unclaimed RSA money

[Section 23 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998]

(1)  An RSA provider must give to the Treasurer a statement, in a form approved by the Treasurer, of all unclaimed RSA money held by the RSA provider as at –

(a) 31 December 1997; and

(b) the end of each subsequent 6 month period.

(2)  The RSA provider must give the Treasurer the statement –

(a) in relation to a 6 month period ending on 30 June, on or before the following 31 October; and

(b) in relation to a 6 month period ending on 31 December, on or before the following 30 April.

(3)  The Treasurer, at any time, may approve generally, or in respect of a particular RSA provider, a date later than that set out in subsection (2)(a) or (b) by –

(a) giving notice in writing of that approval to the relevant RSA providers or RSA provider; or

(b) publishing notice of that approval in the Gazette.

(4)  If, after the end of a half-year and before the RSA provider gives the statement to the Treasurer, the RSA provider pays any of the unclaimed RSA money to a person who is entitled to it, the statement must contain any particulars about the payment as may be required by the form approved under subsection (1) .

(5)  An approval by the Treasurer of a form of statement for the purposes of subsection (1) may require that the statement contains the tax file number of –

(a) a holder of an RSA where –

(i) the statement relates to the holder; and

(ii) the holder has quoted his or her tax file number to the RSA provider for the purposes of the Commonwealth Act; and

(b) the RSA provider.

(6)  An approval by the Treasurer of a form of statement for the purposes of subsection (1) may require or permit the statement to be given on a specified kind of data processing device in accordance with specified software requirements.

(7)  An RSA provider must not intentionally or recklessly contravene or fail to comply with a provision of this section.

Penalty:  Fine not exceeding 20 penalty units.

24.   Payment of unclaimed RSA money

[Section 24 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998] An RSA provider, when giving a statement under section 23 , must pay to the Treasurer for payment into the Public Account, an amount calculated in accordance with the formula A - B, where –

A is the amount specified in the statement provided in accordance with section 23(1) ;

B is the sum of any amounts specified in the statement in accordance with section 23(4) .

25.   Treasurer to refund unclaimed RSA money

[Section 25 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998]

(1)  If –

(a) an RSA provider pays any unclaimed RSA money to the Treasurer under this Part; and

(b) the Treasurer is satisfied on application made by a person that, if this Part and Part 8 of the Commonwealth Act had not been enacted, that person would have been paid that unclaimed RSA money by the RSA provider –

the Treasurer must pay an amount equal to the amount of that unclaimed RSA money to that person.

(2)  An application under subsection (1)(b) is to be in a form approved by the Treasurer.

(3)  If an RSA provider, after paying an amount to the Treasurer under this Part, satisfies the Treasurer that the amount so paid exceeds the amount that the RSA provider would have paid to the person concerned, the Treasurer must refund to the RSA provider the amount of the excess.

26.   Register of unclaimed RSA money

[Section 26 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998]

(1)  The Treasurer must keep a register containing particulars of unclaimed RSA money paid to the Treasurer under this Part.

(2)  Subject to subsection (3) , the register may be in such form, and kept in such manner, as the Treasurer determines.

(3)  The register, in respect of all unclaimed RSA money recorded in the register –

(a) must include –

(i) the name of the RSA provider in which the money was held; and

(ii) the name of the holder of each RSA in respect of whom there is RSA money; and

(b) may include the tax file number of –

(i) each holder of an RSA in respect of whom there is RSA money; and

(ii) the RSA provider.

27.   Discharge of liability

[Section 27 Inserted by No. 80 of 1997, s. 8, Applied:15 Jan 1998] An RSA provider is, on payment to the Treasurer of an amount as required by this Part, discharged from further liability in respect of that amount.

SCHEDULE 1 - FORMS

Form I

Section 3 (1)

Form II

Section 4 (b)

Form III

Section 6 (3)