216Unclaimed money

216 Unclaimed money

(1) Within 3 months after the end of each calendar year, a life company must give to ASIC a statement in accordance with subsection (6A) of all unclaimed money, other than unclaimed money held in RSAs (within the meaning of the Retirement Savings Accounts Act 1997), as at the end of that year. (2) A life company must not intentionally or recklessly fail to comply with subsection (1).

Penalty: 50 penalty units.

Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

(3) When the company gives the statement to ASIC, it must at the same time pay to the Commonwealth an amount equal to the amount of unclaimed money worked out under subsection (6). (4) If, between the end of the calendar year and the date on which the statement is given to ASIC, the company has paid any money to persons to whom the amounts were due by the company, the company must give ASIC, with the statement under subsection (1), a statement in accordance with subsection (6A) relating to the amounts so paid. (5) A life company must not intentionally or recklessly fail to comply with subsection (3) or (4).

Penalty: 50 penalty units.

Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

(6) For the purposes of subsection (3), the amount to be paid to the Commonwealth is an amount worked out in accordance with the formula: Start formula Statement amount minus Money paid end formula where:

Statement amount means the total of unclaimed money shown in the statement referred to in subsection (1).

Money paid means the total of any amounts paid to persons to whom the amounts were due by the company between the end of the calendar year and the date on which the statement referred to in subsection (1) is given to ASIC.

(6A) A statement referred to in subsection (1) or (4) is given in accordance with this subsection if the statement: (a) is given in writing; and (b) if ASIC has approved a form for giving the statement under subsection (6B): (i) is given in the approved form; and (ii) includes the information required by the form; and (ii) is accompanied by the documents (if any) required by the form; and (c) includes the information (if any) prescribed by regulations made for the purposes of this paragraph in relation to the statement; and (d) is accompanied by the documents (if any) prescribed by regulations made for the purposes of this paragraph in relation to the statement. (6B) For the purposes of paragraph (6A)(b), ASIC may, in writing, approve a form for giving a statement referred to in subsection (1) or (4). (6C) Without limiting subsection (6B), a form approved under that subsection may be: (a) the form of a statutory declaration; or (b) a form that requires a matter to be verified by a statutory declaration. (7) If: (a) unclaimed money has been paid by a company to the Commonwealth under this section; and (b) ASIC or an authorised officer certifies in writing that, apart from this section, the company or a successor company would have paid that money to a person; the Minister must: (c) cause the unclaimed money to be paid to that company; and (d) direct the company to pay the money to the person specified in the direction. (7A) If an amount is paid to a company under subsection (7) on or after 1 July 2013, the Minister must also: (a) cause to be paid to the company the amount of interest (if any) worked out in accordance with the regulations; and (b) direct the company to pay the amount to the person specified in the direction. (7B) Regulations made for the purposes of paragraph (7A)(a) may involve different rates of interest for different periods over which the interest accrues. For this purpose, rate includes a nil rate. (7C) Interest under paragraph (7A)(a) does not accrue in relation to a period before 1 July 2013. (8) A direction must be in writing. (9) The company must not intentionally or recklessly fail to comply with a direction under paragraph (7)(d) or (7A)(b).