69Unclaimed moneys

69 Unclaimed moneys

(1) For the purposes of this section, unclaimed moneys means all principal, interest, dividends, bonuses, profits and sums of money legally payable by an ADI but in respect of which the time within which proceedings may be taken for the recovery thereof has expired, and includes moneys to the credit of an account that has not been operated on either by deposit or withdrawal for a period of not less than: (a) 7 years; or (b) if a greater number of years is specified in the regulations—that greater number of years; beginning: (c) at the most recent time when the account was operated on either by deposit or withdrawal; or (d) if another time is ascertained in accordance with the regulations—at that other time. (1AA) Subsection (1) has effect subject to subsections (1A), (1B), (1C), (1D) and (1E). (1A) However, the following are not unclaimed moneys: (a) money in an account that is denominated in a currency other than Australian currency; (b) money in a children’s account; (c) farm management deposits (within the meaning of the Income Tax Assessment Act 1997). (1B) However, moneys to the credit of an account specified in the regulations are unclaimed moneys if, and only if, the conditions specified in the regulations are satisfied.

Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.

(1C) However, deposits specified in the regulations are unclaimed moneys if, and only if, the conditions specified in the regulations are satisfied.

Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.

(1D) Subsection (1) does not apply to an account specified in the regulations.

Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.

(1E) Subsection (1) does not apply to a deposit specified in the regulations.

Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.

(2) For the purposes of this section, the debiting of a fee to an account shall be deemed not to be a withdrawal and the crediting to an account of interest payable by an ADI on that account shall be deemed not to be a deposit. (3) An ADI must, within 3 months after the 31 December in each year, deliver to the Treasurer a statement, complying with subsection (4), of all sums of unclaimed moneys of not less than $100 (or such other amount as is prescribed) as at the end of the year, other than unclaimed moneys: (a) held in RSAs (within the meaning of the Retirement Savings Accounts Act 1997); or (c) held in accounts with the ADI that are operated on either by deposit or withdrawal between the end of the year and the day the statement is delivered to the Treasurer; or (d) held in an account with the ADI in respect of which the holder of the account, or an agent of the holder, has notified the ADI, between the end of the year and the day the statement is delivered to the Treasurer, that the holder wishes to treat the account as active. (3AA) The ADI commits an offence if: (a) it does not give the Treasurer a statement as required by subsection (3); and (b) there is no determination in force under section 11 that this subsection does not apply to the ADI.