UNCLAIMED MONEY ACT 1995 - SECT 10
Return and payment of unclaimed money to Chief Commissioner
UNCLAIMED MONEY ACT 1995 - SECT 10
Return and payment of unclaimed money to Chief Commissioner
10 Return and payment of unclaimed money to Chief Commissioner
(1) An enterprise that holds unclaimed money on 30 June in any year must,
within 4 months after that date (or such longer period as the Chief
Commissioner may in a particular case allow), lodge with the Chief
Commissioner a return relating to that money in a form approved by the Chief
Commissioner.
(1A) If, after 30 June and before the enterprise lodges the
return with the Chief Commissioner, the enterprise pays any unclaimed money to
the owner of the unclaimed money, the return must contain such particulars
relating to the amounts so paid as are required by the form.
(1AA) An
enterprise may include, in any return that it is required to lodge under this
section, particulars of money that is not unclaimed money because it does not
exceed $100 and section 9 (3) (c) applies to it. In any such case, the money
is to be treated as unclaimed money for the purposes of this Part (other than
subsections (1) and (1A) and section 12 (1)) and Parts 4 and 5.
(1B) The
enterprise, when lodging the return, must pay to the Chief Commissioner an
amount equal to the sum of the unclaimed money specified in the return less
the sum of amounts paid by the enterprise and specified in accordance with
subsection (1A).
(2) The Chief Commissioner is to pay money received under
this section into the Consolidated Fund.
(3) An enterprise that fails to
comply with subsection (1), (1A) or (1B) is guilty of an offence and is
liable--
(a) to a penalty not exceeding 50 penalty units, and
(b) to a
further penalty not exceeding 5 penalty units for each day after the period
within which it was required to comply with that subsection during which the
failure continues.
