Unclaimed money is defined in section 3(1) as principal, interest, dividends, bonuses, profits, salaries, wages and any other sums legally payable to the owner that have remained unpaid for not less than 12 months after becoming payable. Money converted from unclaimed trust property by a trustee after expiry of the required period is also unclaimed money. Any amount less than $20 or the prescribed higher amount is excluded: section 3(2A) clarifies that if money consists of both principal and interest, it is unclaimed money only if the sum is equal to or greater than $20 or the prescribed amount. A business is defined broadly to include any person carrying on business in Victoria, specifically including corporations under the Corporations Act, councils under the Local Government Act 2020, public hospitals under the Health Services Act 1988, co-operatives under the Co-operatives National Law (Victoria), societies under the Co-operative Housing Societies Act 1958, partnerships (including limited partnerships), trustee companies under the Trustee Companies Act 1984, law practices under the Legal Profession Uniform Law (Victoria), and any prescribed body. A business holding unclaimed money as a trustee is also within the definition (section 3(8)). The term owner means the person entitled to unclaimed money, including an executor (if probate has been granted, sealed or resealed in any Australian jurisdiction), administrator, assignee, lawful attorney or agent (section 3(1), definition as amended in 2018). Trustee includes an executor, administrator or trustee company. Unclaimed trust property is defined in Division 2 of Part 3: it is property (not money) held by a trustee where the person entitled has not claimed it for the required period of six years commencing when that person became entitled to have the property transferred. Once that period expires, the trustee must sell, call in or convert the property into money and pay it to the Registrar. The business register is a register each business must establish under section 11 and keep at or readily accessible from its principal office or place of business in Victoria. The unclaimed money register is the central register kept by the Registrar under section 28 containing details from returns and statements lodged by businesses and trustees. A repayment notice is a new concept introduced in 2025: under section 35A, the Registrar may issue a written notice requiring repayment if the Registrar is no longer satisfied that a person paid under section 33 was the owner. The amount specified in the notice attracts interest calculated daily at the Division 3 rate until repaid. Other key concepts include default (failure by a business or trustee to pay an amount payable), assessment (made by the Registrar under section 36), reassessment (section 37), and authorised investigation (an investigation under Division 1 of Part 6 for monitoring compliance, investigating suspected offences, or any other matter related to administration). The Act also defines corresponding law as an Act of another State or Territory relating to unclaimed money, allowing cross-border cooperation.

The Act directly imposes obligations on every person carrying on business in Victoria, as defined in section 3(1). This includes corporations, local councils, public hospitals, co-operatives, housing societies, partnerships (including limited partnerships), trustee companies, law practices holding money in trust accounts, and any other body prescribed by regulation. A business that merely holds money belonging to others is within scope: for example, a law practice holding client funds in its trust account is specifically included (section 3(7)). Trustees (including executors and administrators) who hold property on trust where the person entitled has not claimed it for six years are separately obliged to convert and pay the proceeds to the Registrar. The Act also affects the Registrar of Unclaimed Money (appointed by the Secretary under section 4) and Deputy Registrar (section 5), authorised officers appointed under section 9, and the staff and consultants assisting the Registrar. Owners of unclaimed money are affected as beneficiaries: they can claim their money from the business at any time before it is paid to the Registrar (section 11(2)), and after payment they must apply to the Registrar under section 33. The Registrar may pay the owner if satisfied of entitlement and is then discharged from further liability (section 33(3)-(4)). However, the 2025 amendments allow the Registrar to later issue a repayment notice if no longer satisfied, so owners (or persons claiming to be owners) face a risk of clawback. Money paid into court affects litigants and the court system: proper officers of the Supreme Court, County Court and Magistrates' Court must pay unclaimed money into the Consolidated Fund after 15 years of inactivity (section 87), subject to extensions for minors, insolvent persons, persons with a disability, or contingent entitlements. Superannuation providers (trustees of regulated superannuation funds, exempt public sector superannuation schemes, approved deposit funds, and RSA providers) are affected by Part 8 if they have a connection to Victoria (registered office or principal place of business in Victoria). The Part applies to unclaimed superannuation benefits paid under the predecessor Act; the Registrar may transfer such benefits to the Commonwealth and be discharged from obligations. Officers of bodies corporate face personal criminal liability under sections 26A (accessorial liability for certain offences: failing to keep business register, trustee obligations, false records, accessibility, English language, record retention, and hindering authorised officers) and 26B (failure to exercise due diligence for other offences: failure to pay and lodge return, failure to keep records, false/misleading information to authorised persons or the Registrar, and failure to comply with investigation notices). Partnerships and unincorporated associations are affected: section 27 attributes offences to each member of the partnership or each member of the committee of management. The public at large is affected as potential owners: the Registrar maintains a public searchable unclaimed money register and advertises details to facilitate claims.

Businesses have a duty under section 11 to establish a business register of unclaimed money and, by 31 March each year, enter prescribed details of unclaimed money held as at 1 March. A business that fails to do so without reasonable excuse commits an offence (section 17: 30 penalty units for a natural person, 60 for a body corporate). The business must also, on or before 31 May each year (or later date approved in writing by the Registrar), pay to the Registrar all amounts of unclaimed money held on 1 March less amounts paid to owners and deductions for reasonable expenses, and lodge a return including the register details and a statement of compliance signed by the nominated officer (section 12). Failure without reasonable excuse is an offence (section 18: 60/120 penalty units). Trustees have a duty under section 14: if they hold property that has not been claimed for six years (the required period), they must within 12 months after expiry convert it to money, pay the money to the Registrar and lodge a statement. Failure without reasonable excuse is an offence (section 19: 60/120 penalty units). Trustees may apply to the Registrar for an extension of time before the 12 months expire (section 15). The Registrar must decide within 60 days (section 16). Both businesses and trustees must keep proper records for five years (section 24), keep records in English or readily convertible form (section 23), ensure accessibility (section 22), and not include false or misleading information (section 21). Rights include the right of a business to deduct reasonable expenses out of unclaimed money payable to the owner (section 11(3)) and out of money payable to the Registrar (section 12(3)). Reasonable expenses include bank fees, stationery, postage, and other kinds determined by the Registrar by instrument published in the Government Gazette (section 3(2)). A business or trustee that has overpaid may apply to the Registrar for repayment within five years (section 29), provided the Registrar has not served a notice of assessment or reassessment relating to that payment (section 31). The Registrar must decide within 60 days or is deemed to disallow (section 30). An owner may apply to the Registrar for payment under section 33; the applicant bears the onus of proving entitlement. The Registrar may pay if satisfied, and is then discharged from further liability (section 33(4)), but the 2025 amendment allows the Registrar to make a subsequent payment regardless (section 33(3A), (4A)). A person dissatisfied with an assessment, reassessment, decision on a repayment application, or a repayment notice may lodge a written objection with the Registrar within 60 days (section 56). The objector bears the onus (section 56(4)). If the Registrar does not determine the objection within 90 days, or if the objector is dissatisfied with the determination, the objector may request referral to VCAT or appeal to the Supreme Court (section 59). On review or appeal, the objector's case is limited to the grounds of objection unless the tribunal or court orders otherwise (section 61). The Registrar may enter into arrangements for payment of amounts payable (section 35) and may write off amounts if recovery is impracticable (section 35(2)). For repayment notices, similar arrangements are available (section 35C).

The Act creates a two-tier enforcement framework: criminal offences for failure to meet obligations under Part 3 Division 3, and civil penalties (interest and penalty) for defaults in paying amounts payable under Part 4 Divisions 3 and 4. Criminal offences carry penalty units as follows: failure to keep business register (section 17: 30/60), failure to pay and lodge return (section 18: 60/120), trustee failure to convert and pay (section 19: 60/120), failure to keep proper records (section 20: 60/120), false or misleading information in records (section 21: 60/120), failure to ensure accessibility (section 22: 30/60), failure to keep records in English (section 23: 30/60), failure to retain records for five years (section 24: 60/120), giving false or misleading information to an authorised person (section 25: 120/600), giving false or misleading information to the Registrar in an owner application (section 33A: 120/600), and failure to comply with investigation notice (section 69(4): 60/120) or hindering an authorised officer (section 70(6): 60/120). Officers of bodies corporate can be personally liable under section 26A (accessorial liability for specified offences if they authorised, permitted or were knowingly concerned) and section 26B (failure to exercise due diligence for other specified offences). The court may consider what the officer knew or ought to have known, their position to influence the body corporate, and steps taken to prevent the offence (section 26B(3)). A defence available to the body corporate is also available to the officer (section 26A(3), 26B(4)). On the civil side, if a default (failure to pay an amount payable) occurs, the business or trustee is liable to pay interest on the unpaid amount calculated daily from the last day for payment until paid, at the rate of the Bank Accepted Bills rate plus 8 per cent per annum (section 44). Minimum interest is $20 (section 45). In addition, a penalty of 25 per cent of the unpaid amount is payable (section 49(1)), which can be increased to 75 per cent if the default was caused by intentional disregard (section 49(2)). No penalty is payable if the business or trustee took reasonable care or the default was beyond their control (section 49(3)). Penalty is reduced by 80 per cent for voluntary disclosure before investigation and 20 per cent during investigation (section 50), but these reductions do not apply to certain late lodgment/payment defaults (section 50(3)). Penalty is increased by 20 per cent for concealment: deliberately damaging records, refusing to comply with investigation requirements, or hindering an authorised officer (section 51). Minimum penalty is $20 (section 52). Interest and penalty cannot be deducted from unclaimed money payable to an owner or the Registrar (section 55). The Registrar may remit interest (section 47) and penalty (section 54) in appropriate circumstances. The Registrar can recover any amount payable as a debt due to the State (section 34) and can also recover amounts specified in a repayment notice as a debt due to the State (section 35B). The Registrar has extensive investigation powers under Part 6 Division 1, including requiring information, documents, and attendance for questioning (section 69), entry to premises with consent or warrant (sections 70-71), and the power to apply for a search warrant from a magistrate (section 71). An authorised officer may retain documents and require operation of computers. Offences can be prosecuted within three years (section 85). Certificates signed by the Registrar are admissible as evidence of various matters (section 84).

The Act interacts with the Corporations Act 2001 through its definition of business (which includes a corporation within the meaning of that Act) and through the application of the definition of officer in section 9 of the Corporations Act for the purposes of accessorial liability (section 26A(5)). The Act also references the Co-operatives National Law (Victoria): Division 2A of Part 3 provides that Divisions 1 and 2 do not apply to consideration obtained by a co-operative through compulsory acquisition of shares while that consideration is held by the co-operative. Instead, section 436 of the Co-operatives National Law requires such consideration held in trust for at least two years to be paid to the Registrar of Co-operatives, and the Unclaimed Money Act then applies to the Registrar of Co-operatives as if it were a business or trustee (section 16B). However, the Registrar of Co-operatives cannot be subject to penalty and cannot apply for repayment (section 16B(4)-(5)). The Act interacts with the Legal Profession Uniform Law (Victoria) by including law practices as businesses and specifically providing that a reference to a business holding unclaimed money includes money held in its trust account (section 3(7)). The Act interacts with the Local Government Act 2020 and the Health Services Act 1988 by including councils and public hospitals as businesses. Part 8 of the Act deals with unclaimed superannuation benefits and relies heavily on Commonwealth legislation: the Superannuation Industry (Supervision) Act 1993 (Cth), the Retirement Savings Accounts Act 1997 (Cth), and the Superannuation (Unclaimed Money and Lost Members) Act 1999 (Cth). Unclaimed superannuation benefit is defined as an amount taken to be unclaimed money under the Commonwealth Unclaimed Money Act (section 90). Part 8 applies to superannuation funds and RSA providers with a Victorian connection (section 91). The Registrar may transfer unclaimed superannuation benefits to the Commonwealth (section 95). The Act also interacts with the Taxation Administration Act 1997 (Vic) through the definition of taxation law in section 77(2) for permitted disclosures. The Freedom of Information Act 1982 is relevant: information obtained under the Act is exempt from disclosure under section 38 of the FOI Act (section 76(2), 79(2)). The Privacy and Data Protection Act 2014 is referenced for disclosures to the Information Commissioner (section 77(1)(g)(vii)). The Act also interacts with the First Home Owner Grant and Home Buyer Schemes Act 2000 for permitted disclosures (section 77(1)(d)). Crimes Act 1958 is referenced in section 26A(6): the accessorial liability provision does not affect the operation of Subdivision (1) of Division 1 of Part II of the Crimes Act. The Charter of Human Rights and Responsibilities is acknowledged in section 88(1) which allows conversion of court money despite any Act or statutory rule to the contrary (other than the Charter). Money paid into court under Part 7 interacts with the general law of court funds and the rules of each court. The Act expressly preserves the right of an owner to recover unclaimed money from a business at any time before it is paid to the Registrar (section 11(2)), and a trustee is not in breach of trust for anything done in accordance with the Act (section 97). The Act also provides that actions done in good faith (payment to Registrar or other acts) do not make a person liable to another person (section 96).

The Unclaimed Money Act 2008 was assented to on 26 August 2008 and came into operation on 1 January 2009 under the default commencement provision (section 2(2)). It repealed the Unclaimed Moneys Act 1962. The Act has been amended by numerous subsequent Acts. In 2009, the Criminal Procedure Amendment (Consequential and Transitional Provisions) Act 2009 amended section 85 (extension of time for commencing proceedings) and the State Taxation Acts Further Amendment Act 2009 substituted section 77(1)(c) and (2) concerning permitted disclosures to taxation law authorities. In 2013, significant amendments were made: the Co-operatives National Law Application Act 2013 amended the definition of business to include co-operatives and inserted Division 2A (sections 16A-16B) excluding co-operative compulsory acquisition consideration from Divisions 1 and 2 and applying the Act to the Registrar of Co-operatives. The Statute Law Amendment (Directors' Liability) Act 2013 (commenced 14 March 2013) made major changes to corporate criminal liability: it repealed old section 26(1)-(3) and (5) and inserted new sections 26A (accessorial liability for officers) and 26B (criminal liability for failure to exercise due diligence), and added notes to several offence provisions referencing those sections. The State Taxation and Financial Legislation Amendment Act 2013 amended sections 4-6, 8, 68, and 77 (adding ASIC, Legal Services Board, Legal Services Commissioner as authorised recipients) and inserted section 3(2A) addressing money consisting of principal and interest. In 2014, amendments from the Legal Profession Uniform Law Application Act updated references to law practices, and the Victoria Police Amendment Act updated the definition of police officer. The Privacy and Data Protection Act 2014 updated the reference to the Information Commissioner. In 2015, the Justice Legislation Amendment Act substituted section 26A(6) regarding interaction with the Crimes Act. In 2017, the State Taxation Acts Amendment Act 2017 (commenced 28 June 2017) made several changes: it amended section 25 (false/misleading information to authorised person) to include omissions, inserted section 33A (false/misleading information to Registrar) and new section 26B(2)(ba) and (bb) applying due diligence to sections 25 and 33A, and repealed section 26A(2)(g) (previously covering section 70(6) and (7) but now covered elsewhere). The State Taxation Acts Further Amendment Act 2017 repealed section 100 (which dealt with lodgment of documents) and amended section 102 (service). In 2018, the Oaths and Affirmations Act 2018 updated references to oath/affirmation. The State Taxation Acts Amendment Act 2018 amended definitions of owner (adding executor/administrator with probate/letters of administration requirements) and unclaimed money, and inserted section 3(6A) clarifying owner references. In 2019, the Guardianship and Administration Act 2019 updated references to disability and represented person. In 2020, the Local Government Act 2020 updated the definition of business to refer to a Council under that Act. In 2021, the State Taxation and Mental Health Acts Amendment Act amended section 77(1)(d) referencing the First Home Owner Grant Act. In 2024, the State Taxation Further Amendment Act amended the definition of reasonable expenses to include expenses determined by the Registrar. In 2025, the State Taxation Acts Amendment Act 2025 (assented 24 June 2025, commenced 25 June 2025) made substantial changes: it inserted the definition of repayment notice, inserted new Division 1A of Part 4 (sections 35A-35C) enabling the Registrar to issue repayment notices and recover amounts as debts, amended section 33 to allow subsequent payments and remove the previous bar (section 33(5) repealed), amended section 56 to allow objections to repayment notices, amended section 63-64 to include repayment notices in VCAT and court powers, amended sections 66-67 to cover refunds and interest on repayment notices, inserted section 106 transitional provision providing that the amended section 33 does not apply to payments made before the commencement of the amending Act. The Act is currently version No. 022 incorporating amendments as at 25 June 2025.

The Act itself provides a detailed internal dispute resolution mechanism in Part 5, but the text of the Act does not name any specific court cases. The litigation history is therefore one of legislation-driven procedure rather than reported case law on the Act's interpretation. Under section 56, a business or trustee (or a person issued a repayment notice) may lodge a written objection with the Registrar within 60 days of service of the notice of assessment, reassessment, decision on a repayment application, or repayment notice (section 56(5)). The Registrar must determine the objection (section 57) and give reasons if disallowing or allowing only in part (section 57(4)). If the objector is dissatisfied with the determination, or 90 days have passed without a determination (excluding any suspension under section 58), the objector may request referral to VCAT (Victorian Civil and Administrative Tribunal) or to treat the objection as an appeal to the Supreme Court (section 59). The request must be made within 60 days after service of the determination (or at any time after the 90-day period if no determination) (section 59(3)). The Registrar must then refer the matter or set it down for hearing within 60 days, subject to the Registrar's power to require further and better particulars (section 60). On review or appeal, the objector's case is limited to the grounds of the objection unless VCAT or the Court orders otherwise (section 61). The objector bears the onus of proving the case (section 62). VCAT may confirm, reduce, increase or vary the assessment, reassessment, decision under section 30, or repayment notice (section 63(1)); if the objector does not appear, VCAT must confirm the decision (section 63(2)), but may re-open on good cause shown (section 63(3)). The Court on appeal may make any order it thinks fit and may confirm, reduce, increase or vary the assessment, reassessment, decision, or repayment notice (section 64(1)). Costs are in the court's discretion (section 64(2)). After a successful objection, review or appeal, the Registrar must refund any excess amount paid, plus interest at the market rate (Bank Accepted Bills rate) from the later of the date of overpayment or the date of the original assessment/decision (section 67(1)); for repayment notices, interest runs from the later of the date of repayment or the date the repayment notice was issued (section 67(2)). The validity of an assessment or reassessment is not affected by non-compliance with a provision of the Act (section 42), nor by a withdrawal of an initial assessment (section 37(5)). Section 83 provides that production of a notice of assessment or reassessment is evidence of due making and correctness. Section 84 makes a certificate signed by the Registrar admissible as evidence of various matters including liability, assessments, payments, service and lodgement. Section 85 extends the time for commencing proceedings for offences to three years after commission, overriding the general six-month limit in the Criminal Procedure Act 2009. The Act also provides for cross-border investigations: the Registrar may, at the request of an authority responsible for a corresponding law (an Act of another State or Territory relating to unclaimed money), carry out an authorised investigation for the purposes of that corresponding law (section 75(1)). The Registrar may delegate investigation powers to that authority or its officers (section 75(2)). This enables coordinated enforcement across jurisdictions.

Several provisions create traps for the unwary. The de minimis threshold of $20 (or higher prescribed amount) means that small amounts are excluded from the definition of unclaimed money (section 3(1)). However, if money consists of principal and interest, the sum must be equal to or greater than $20 to be unclaimed money (section 3(2A)), so a business cannot simply disregard small balances. The 12-month period for unclaimed money runs from when the money became payable legally (section 3(1)(a)). Critically, section 3(3) provides that in determining whether money is payable, no account is taken of whether the owner must take action (like demand) to claim it, or whether there is a shift in entitlement with an arrangement to pay if the owner later claims. So a business cannot argue that money is not yet payable because the owner has not demanded it. Section 3(4) provides that money is not unclaimed if the business knows or has reason to believe the owner wishes it to continue to hold the money. But section 3(5) creates a trap: a business does not have reason to believe the owner wishes the business to hold the money simply because the owner does not respond to a communication, even if the communication suggests that failure to respond indicates such a wish. So positive knowledge or belief is required; silence is not enough. For trustees, the required period of six years under section 13(1) runs from when the person became entitled to have the property transferred. Section 13(2) mirrors section 3(3): no account is taken of demand requirements or shifts in entitlement. Trustees who miss the 12-month window after the six years expire face penalties and interest. The defence of reasonable excuse applies to offences (sections 17, 18, 19, 25, 33A, 69(4)), but the onus is on the defendant to establish it. Record retention of five years under section 24 applies after the later of the date the record was made or the date of completion of the return or statement to which it relates. Businesses and trustees must keep records in English or in a form that can be readily converted or translated (section 23). The accessibility requirement (section 22) means records must be readily producible to the Registrar. A critical trap for businesses that lodge a return on time but fail to pay the full amount: the 80 per cent reduction in penalty for voluntary disclosure before investigation does not apply to such defaults (section 50(3)(a)(ii)). So a business that realises it underpaid cannot rely on the generous disclosure reduction if the default is a failure to pay rather than failure to lodge. Similarly, for trustees who lodged a statement on time but failed to pay, the reduction is unavailable (section 50(3)(b)(ii)). The interest and penalty regime under Part 4 imposes strict liability: a business or trustee in default must pay interest even if the default was unintentional (section 43). The minimum interest and penalty of $20 means small defaults still attract charges (sections 45, 52). Interest continues to apply even after judgment at the Division 3 rate, overriding any other interest rate on judgment debts (section 46). The Registrar has broad powers to remit interest and penalty (sections 47, 54), but there is no automatic entitlement. The assessment and reassessment powers under Division 2 are broad: the Registrar may assess using any information, including estimates (section 38), and the validity of an assessment is not affected by non-compliance with the Act (section 42). Reassessments more than five years after the initial assessment are prohibited unless the reassessment is to give effect to an objection/review/appeal decision, or unless all facts were not fully and truly disclosed (section 37(4)). This means a business that did not fully disclose can be reassessed at any time. A business or trustee that has overpaid cannot apply for repayment if the Registrar has already served a notice of assessment or reassessment relating to that payment (section 31). They must instead object to the assessment under Part 5. The new repayment notice power under section 35A is a significant gotcha for persons paid under section 33: the Registrar can later issue a notice requiring repayment if no longer satisfied the person was the true owner. The notice must specify grounds, amount and repayment period. Interest accrues daily from the end of the repayment period at the Division 3 rate (section 35A(3)), and the amount can be recovered as a debt due to the State (section 35B). The Registrar is not bound by the previous payment and can make subsequent payments to other claimants (section 33(3A), (4A)), so a person who receives a payment may later have to repay it. Section 55 prohibits deducting interest or penalty from unclaimed money payable to the owner or Registrar, so those amounts must be paid from the business's own funds. Officers of bodies corporate face personal criminal liability under sections 26A and 26B even if the body corporate has not been prosecuted (sections 26A(4), 26B(5)). The due diligence offence under section 26B requires officers to take steps to prevent offences; ignorance is not a defence. The definition of officer is broad, including anyone concerned in management (section 26A(5)). For partnerships and unincorporated associations, each member or committee member can be individually liable (section 27). Service of documents by the Registrar can be effective seven business days after posting (section 102(1)(b)), and service on one partner or committee member constitutes service on all (section 101(3)). The secrecy provisions under Division 2 of Part 6 prohibit disclosure of information obtained under the Act, with penalties of 60 penalty units. Secondary disclosures are also restricted (section 79). However, the Act contains numerous exceptions for disclosures to authorised recipients (police, Ombudsman, Auditor-General, ASIC, Legal Services Board, etc., under section 77) and for the administration of the Act or other laws. A person who uses information for purposes other than those permitted could face prosecution. Finally, the transitional provision in section 106 provides that the amended section 33 (allowing subsequent payments despite previous payments) does not apply to payments made before 25 June 2025, so pre-existing payments are grandfathered under the old rule where the Registrar was discharged from further liability.

A business or trustee subject to the Act should implement a systematic compliance program. First, identify all forms of unclaimed money held: principal, interest, dividends, salaries, wages, and any other sums legally payable to owners that have remained unpaid for at least 12 months. For each such amount, monitor whether it exceeds $20 (or the prescribed higher amount). If it does, establish a business register under section 11 in the prescribed form. The register must be kept at or readily accessible from the principal office or place of business in Victoria. By 31 March each year, enter the prescribed details for all unclaimed money held as at 1 March. Maintain adequate records to verify entries, and keep those records for at least five years after the date of the return to which they relate (section 24). Records must be in English or readily convertible, and readily producible to the Registrar. By 31 May each year (or a later date approved in writing by the Registrar), pay to the Registrar all amounts of unclaimed money held on 1 March, less any amounts paid to owners during the period, and less reasonable expenses deducted under sections 11(3) or 12(3). Reasonable expenses include bank fees, stationery, postage, and any other kinds determined by the Registrar by instrument published in the Government Gazette. The business should lodge a return in the form and manner determined by the Registrar, including the details from the business register and a statement of compliance signed by the nominated officer (the officer or employee responsible for managing unclaimed money). For trustees, monitor the required period of six years from when the person entitled became entitled to have the property transferred. At the end of the six years, the trustee must within 12 months sell or convert the property into money, pay the money to the Registrar, and lodge a statement giving details of the estate or trust and the person entitled. If extra time is needed, apply to the Registrar in writing before the 12 months expire, stating reasons (section 15). The Registrar must decide within 60 days. If the trustee knows or has reason to believe the owner wishes the property to be retained, the trustee may not need to convert and pay, but silence from the owner is not sufficient to establish that belief (section 14(3)-(4)). To avoid offences, ensure that all obligations are met within time. Implement internal controls: assign responsibility to a nominated officer for unclaimed money compliance. Train staff and officers on the requirements, particularly the record-keeping and retention obligations. Officers of bodies corporate should be aware of personal liability under sections 26A and 26B. Consider conducting periodic audits to identify any unclaimed money that may have been overlooked. If a default occurs (e.g. late payment), consider voluntary disclosure to the Registrar in writing before an investigation begins to obtain an 80 per cent reduction in penalty (section 50(1)). Note that this reduction does not apply to certain defaults: a business that lodged a return on time but failed to pay, or a trustee that lodged a statement on time but failed to pay, cannot get the 80 per cent reduction for that default (section 50(3)). In such cases, the business should pay as soon as possible and contact the Registrar to discuss remission of penalty or interest (sections 47, 54). Maintain a claims process for owners: a business should respond to claims from owners and pay them before the annual payment to the Registrar (section 11(2)). Keep records of all claims and payments. For owners claiming from the Registrar after payment, assist them in making an application under section 33, providing necessary documentation. The Registrar may require a written application with information and documents (section 33(1A)). If the Registrar makes a payment, be aware that the Registrar may later issue a repayment notice if no longer satisfied the person was the true owner (section 35A). Therefore, businesses and trustees should not assume that a payment from the Registrar is final. For money paid into court, proper officers should track the 15-year inactivity period and pay unclaimed money into the Consolidated Fund when due, subject to exceptions for minors, insolvent persons, persons with a disability, and contingent entitlements (section 87). For superannuation providers with a Victorian connection, maintain records of unclaimed superannuation benefits paid under the predecessor Act and respond to claims from owners or the Minister under Part 8. If the Minister offers to transfer the stock of unclaimed superannuation benefits to the Commonwealth (section 95), the Registrar may do so. In all dealings, ensure that no false or misleading information is provided to the Registrar or an authorised officer. Comply with any notices issued under section 69 (investigation) by providing information, attending for questioning, or producing documents. If served with a notice of assessment or reassessment, review it carefully and, if dissatisfied, lodge a written objection within 60 days with full and detailed grounds (section 56). If served with a repayment notice, consider the grounds and either repay or object within 60 days. Seek legal advice before objecting, as the objector bears the onus of proof (section 62). If the Registrar proposes to enter premises under a search warrant, allow entry and cooperate; failure to cooperate can lead to increased penalties for concealment (section 51). Finally, keep up to date with amendments to the Act and any regulations or determinations made by the Registrar (such as the kinds of reasonable expenses). The version noted is current to 25 June 2025, and further amendments may occur.