copies of documents that may assist in identifying the rightful owner or the owner’s claim to the money.Ī law practice is defined in the Legal Profession Uniform Law (NSW) No 16, and may be:.copies of documents explaining the source of the money.last known residential and business address and any previous addresses.Information to be provided to usĪny information that will assist in identifying the owner should be provided to us, including: Unclaimed money can be paid to the Treasurer via us, using the process outlined below, and it will be held in the Consolidated Fund until it is claimed by the rightful owner. How to pay unclaimed money to the Treasurer If disputed money is paid to the Treasurer, it will be returned to the law firm. It's the responsibility of the law practice to determine the rightful owner. If the ownership of money held in a trust account is in dispute, it is not unclaimed money and must not be paid to the Treasurer. However, it doesn't absolve its responsibilities to any other person who may have a claim on the money. If unclaimed money is paid to the Treasurer, the law practice is absolved from further responsibility for returning the money to the owner. This means a law practice can pay the money to the Treasurer at any time after it becomes aware that it can't locate the owner. The Unclaimed Money Act 1995 doesn't apply to this category of unclaimed money. the money may be retained in the trust account until it can find the rightful owner.the money may be paid to the Treasurer who is then responsible for returning the money to the rightful owner.If a law practice can't find the owner of money it holds in a trust account, it has two options: Unclaimed money held in a trust account by a law practice in NSW is governed by section 14 of the Legal Profession Uniform Law Application Act 2014 (NSW). Unclaimed trust money held by a NSW law practice Unclaimed money held by banks, credit unions, building societies, friendly societies and life insurance is payable to the Australian Securities and Investments Commission (ASIC).Īdministration for deregistered companies is the responsibility of ASIC. Money belonging to deregistered companies.The enterprise believes the owner of the money wants to retain the money in the account.If the enterprise holding the money also holds other money for the owner in other accounts.Money where the ownership is in dispute.Money that you believe the owner wants to keep the money in that account.Money where the recovery by its owner is not prevented by law.We don't collect money that falls into the following categories: institution or other body, whether incorporated or not.Īn enterprise does not include a bank or building society, credit union or friendly society.If you don’t lodge and pay unclaimed money that you hold, you may have to pay penalty tax and interest. Enterprises that operate in NSW and hold money for another person or body as at 30 June in any year must send the money to us by 31 October of that year, after having held it for the required period of time and having made reasonable attempts to contact the owner and return the money to them.
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