Lodge unclaimed money
All Victorian businesses and trustees must lodge unclaimed money annually.
Payment must be made by electronic funds transfer (EFT).
-
Know your obligations
Unclaimed money is any gross amount of $20 or more that is legally payable to an owner but has remained unpaid for 12 months or more as at 1 March of the current year.
Money is not considered to be unclaimed if a business knows, or has reason to believe, that the owner wishes the business to continue holding it. This includes amounts held on trust.
A business is not required to pay an amount of unclaimed money to us if the gross amount legally payable to an owner is less than $20. However, a business can elect to aggregate those amounts and pay them to us, as long as each of the amounts is legally payable to the same owner and has remained unpaid for 12 months or more as at 1 March of the current year.
-
Create a register by 31 March each year
Businesses have a number of responsibilities in relation to unclaimed money. By 31 March of each year, a business with unclaimed money must:
- Create a register of all unclaimed money.
- Enter details into this register of all amounts of unclaimed money held at 1 March.
The register must be accompanied by supporting documents and contain the following details of unclaimed money as of 1 March:
- Name of owner
- Address line 1
- Address line 2
- Address line 3
- Town
- State
- Postcode
- Country
- Date of birth
- ACN/ABN
- Business reference
- Description
- Gross amount
- Reasonable expenses
- Date payable
Businesses must submit the register as an electronic data file, either a comma delimited text file (CSV) or a Microsoft Excel spreadsheet. The general register template provided is required to be submitted online with the Statement of Compliance.
Details for each of the individual amounts must be recorded in the register. If reasonable expenses are deducted they must be allocated against the legal owner in the column of the same name. Reasonable expenses are only able to be claimed on bank fees, postage and stationary. Reasonable expenses cannot be deducted to cover staff wages or time spent preparing a business’s unclaimed money register.
-
Lodge and pay by 31 May
By 31 May each year, a business with unclaimed money must:
- Complete the online statement of compliance.
- Attach the register of all unclaimed money up to 1 March to the statement (instructions on how to do this are in the statement).
- Submit the online compliance statement with the register attached (you will receive a submission reference number and can also download an online lodgement receipt).
- Pay the net amount of all unclaimed money (total amounts, less reasonable expenses) held on 1 March.
Payment must be made by Electronic Funds Transfer (EFT) using these details:
- Account name: State Revenue Office Victoria
- BSB: 033-222
- Account number: 170364
- Reference: your submission receipt number
When you submit the compliance statement, you will be issued with an online lodgement receipt.
Once the EFT payment is complete, email the submission reference number or lodgement receipt, payment details and the business name to gnrescalation@sro.vic.gov.au.
This is important as it enables us to match your payment and lodgement.
Next Steps
A business must keep records to confirm the information on the register for at least five years after the date of lodgement. Copies of the documents must be available for inspection on request.
We have the authority to issue an assessment where a business fails to pay unclaimed money. Failure to lodge and pay on time may result in interest and penalties.
Last modified: 14 October 2024
News and updates
-
20 November 2024
State Revenue Office 2023–24 Annual Review is now available
-
27 May 2024
Reminder: lodge unclaimed money by 31 May
-
20 November 2023
Our 2022–23 Annual Review is now available
