How to lodge unclaimed money

Description

This video explains how to lodge unclaimed money held by a business.

Transcript

By the 31st of March each year, create a register of all relevant unclaimed money, held by your business.

The register must be accompanied by supporting documents, and should contain details of unclaimed money of $20 or more, held by your business for at least 12 months, as of the 1st of March.

Download the lodgement template from our website and complete all applicable fields. At any point, if information is not known, mark it as “unknown” or leave blank.

Add your Lodging Organisation ID, which is your SRO customer number.

Add details of the owner who is entitled to the unclaimed money. If the owner is unknown, add “Unknown”. Do not leave this field blank.

Add the owner’s last known address, date of birth, and if applicable, their ABN or ACN. Again, if any of these details are unknown, add “unknown” in the field or leave blank.

Add details of the unclaimed money. You must add any unclaimed money which has a gross amount of $20 or more, before reasonable expenses are deducted. Reasonable expenses are costs of holding the money, which can include bank fees, stationery and postage. If the reasonable expenses associated with the unclaimed money equal or exceed the gross amount, do not include this amount in your lodgement.

Date payable is the date the unclaimed money first became legally payable. Ensure this date falls at least 12 months before the 1st of March in the current year.

The net amount is automatically calculated, which is the amount to be paid to the SRO.

Save a copy of the completed register, as you will need to attach this when submitting the online compliance statement.

By the 31st of May, you need to lodge a return which consists of the completed register and a statement of compliance at time of payment.

This form can be completed on screen and saved at any time.

Attach the completed register when submitting the online compliance statement.

You will receive a submission reference number and can also download an online lodgement receipt.

To make payment, the net amount of unclaimed money as calculated from the register must be made via electronic funds transfer, or EFT.

EFT details are provided on the submission receipt. Include the submission reference number and the business name in the payment description.

Once the EFT payment is complete, email the submission or lodgement reference number, and the business name if applicable to gnrescalation@sro.vic.gov.au. This is important as it enables us to match your payment and lodgement.

You 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.

If you have made an error in your lodgement, please contact us. 

If you need further information about unclaimed money, visit sro.vic.gov.au/unclaimed-money.