{"id":"unclaimed-money-regulations-2024","name":"Unclaimed Money Regulations 2024","slug":"unclaimed-money-regulations-2024","collection":"regulation","jurisdiction":"sa","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":237985,"registerId":"sa-unclaimed-money-regulations-2024-current","compilationNumber":null,"startDate":"2026-04-06","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Unclaimed Money Regulations 2024","content":"South Australia\nUnclaimed Money Regulations 2024\nunder the Unclaimed Money Act 2021\n\nContents\n1\tShort title\n2\tCommencement\n3\tInterpretation\n4\tPrescribed amount\n5\tCorporations—prescribed kind\nLegislative history\n\n1—Short title\nThese regulations may be cited as the Unclaimed Money Regulations 2024.\n2—Commencement\nThese regulations come into operation on the day on which they are made.\n3—Interpretation\nIn these regulations—\nAct means the Unclaimed Money Act 2021.\n4—Prescribed amount\nPursuant to paragraph (b) of the definition of prescribed amount in section 3 of the Act, the prescribed amount is—\n\t(a)\tfor the purposes of section 4 of the Act—$50; and\n\t(b)\tfor the purposes of section 6 of the Act—$0; and\n\t(c)\tfor the purposes of section 7 of the Act—$0.\n5—Corporations—prescribed kind\nFor the purposes of section 4(2)(d) of the Act, an incorporated legal practice (within the meaning of the Legal Practitioners Act 1981) is a corporation of a prescribed kind.\nLegislative history\nNotes\n\t•\tFor further information relating to the Act and subordinate legislation made under the Act see the Index of South Australian Statutes or www.legislation.sa.gov.au.\nPrincipal regulations\nYear\nNo\nReference\nCommencement\n2024\n94\nGazette 31.10.2024 p4039 \n31.10.2024: r 2\n","sortOrder":0}],"analysis":{"summary":{"complexity_score":1,"scope_assessment":{"changed":false,"description":"Scope cannot be assessed — the full text of the Unclaimed Money Regulations 2024 (SA) was not retrievable. No comparison between original intent and final form is possible on the available information."},"complexity_factors":["No legislative text was available for analysis — the source URL returned a 404 Page Not Found error","Complexity score of 1 reflects inability to assess the document, not simplicity of the underlying law","The title alone provides insufficient detail to assess cross-references, definitions, exemptions, or procedural requirements"],"plain_english_summary":"Likely subordinate regulations setting the rules for how unclaimed money in South Australia is identified, reported, handed to government authorities, and reclaimed by its rightful owners. It affects individuals with forgotten funds and organisations (banks, employers, businesses) that hold others’ money — important for protecting property rights and clarifying administrative obligations."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is a standard, narrow piece of subordinate legislation that performs the typical function of regulations—filling in specific details (dollar amounts and entity types) left blank by the parent Act. It has not expanded beyond the Act's intended scope."},"complexity_factors":["Only 5 operative provisions total","Single defined term ('Act') in interpretation section","No cross-references beyond direct citations to specific sections of the parent Act","Straightforward numerical prescriptions without conditional logic","Single entity type specified for corporate prescription (incorporated legal practices)","No exceptions, nested or otherwise"],"plain_english_summary":"These regulations set specific dollar amounts and define which types of corporations must follow South Australia's unclaimed money laws.\n\n**What this does:**\n- Sets **$50** as the threshold amount that triggers when unclaimed money held by businesses must be reported and transferred to the government (section 4 of the Act)\n- Sets **$0** as the threshold for two other situations: when money is held by corporations that have gone bust or stopped operating (section 6), and when money is held by real estate agents (section 7)\n- Specifically names **incorporated legal practices** (law firms that are set up as companies rather than traditional partnerships) as corporations that must comply with these rules\n\n**Who it affects:**\n- Businesses holding unclaimed money on behalf of others\n- Incorporated legal practices (company-structure law firms)\n- Real estate agents holding unclaimed funds\n- Liquidators or administrators dealing with defunct companies holding unclaimed money\n\n**Why it matters:**\nThese dollar thresholds determine when money sitting idle in business accounts becomes \"unclaimed\" and must be handed over to the state government for safekeeping. The $50 threshold for general unclaimed money means small amounts under that can stay with businesses, but anything $50 or above must be reported. The $0 thresholds mean there's no minimum—**any** amount must be reported when companies collapse or when real estate agents hold unclaimed funds."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"These regulations do not expand or contract the substantive scope of the Unclaimed Money Act 2021; they specify operational details the Act requires. They fix the monetary thresholds used by the Act (reg 4) and designate incorporated legal practices as a prescribed kind of corporation for the Act’s purposes (reg 5), and commence immediately (reg 2)."},"complexity_factors":["Short and prescriptive: only five regulations, most content in reg 4 and reg 5 (low legislative volume).","Numeric thresholds: sets concrete monetary values ($50 for s4; $0 for s6 and s7) that directly determine when statutory tests apply (reg 4(a)–(c)).","Cross-references to the Act: operational effect depends on interpretation of the Unclaimed Money Act 2021 and its definitions (reg 3; regs 4–5 refer to sections of the Act).","Entity classification: reg 5 alters the category of ‘corporation of a prescribed kind’ by including incorporated legal practices, changing which entities fall under s4(2)(d).","Immediate commencement: comes into operation on the day it is made (reg 2), so no transitional lead time for affected parties.","Compliance burden concentrated: effects are straightforward but fall on holders of balances and incorporated legal practices who must apply the new thresholds (regs 4–5).","Limited discretion: the instrument prescribes fixed figures and a clear classification rather than delegating broad administrative discretion."],"plain_english_summary":"These regulations set specific numeric thresholds and a corporate classification used by the Unclaimed Money Act 2021. They prescribe $50 for one test in section 4 of the Act and $0 for the tests in sections 6 and 7, and declare an incorporated legal practice to be a prescribed kind of corporation for section 4(2)(d). The rules take effect when made and affect entities that must report or account for unclaimed money under the Act."}},"importantCases":[],"_links":{"self":"/api/acts/unclaimed-money-regulations-2024","history":"/api/acts/unclaimed-money-regulations-2024/history","analysis":"/api/acts/unclaimed-money-regulations-2024/analysis","conflicts":"/api/acts/unclaimed-money-regulations-2024/conflicts","importantCases":"/api/acts/unclaimed-money-regulations-2024/important-cases","documents":"/api/acts/unclaimed-money-regulations-2024/documents"}}