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#4724 Reply
Grant Holley
Grant Holley
Member

Hi Mash,

 

Thanks for your question.

 

We assume you are asking about unclaimed money by a client and what can be done about that money.  It must first be ascertained whether the amount is classified as unclaimed money.  If there is reason to believe that the owner wishes for the business to continue holding the amount, it will not be unclaimed.

 

If it is an unclaimed amount, you will need to determine whether it is money that can be accepted by ASIC under the Corporations Act.  This can be done by accessing the following link: http://asic.gov.au/regulatory-resources/financial-services/unclaimed-money/unclaimed-money-how-to-lodge-money-unclaimed-under-the-corporations-act/#what-we-can-accept.

 

If the unclaimed amount is one that ASIC cannot accept you may pay the amount to your relevant state body. The Victorian body is the State Revenue Office and can be accessed through the following link: http://www.sro.vic.gov.au/unclaimed-money/lodge-unclaimed-money.

 

For further information contact our Financial Services Team.

 

Author: Grant Holley

 

Co-contributor: Greta Walters

 

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