In March 2021, we'll be improving the way we process unclaimed money as part of the next stage of our Business Transformation. The changes will make it easier for organisations who hold unclaimed money to manage it and allow us to better identify the rightful owners. Some changes are dependent on legislation which is expected to pass in March 2021.
The proposed changes include the following.
- Holders will be able to file and pay unclaimed money online through myIR.
- The amount of time funds are held before becoming unclaimed may change. All funds held by organisations may be deemed unclaimed after five years, instead of the current six or 25 years. If the legislation is passed there will be a transitional period to help shift to the new timeframe.
- Organisations may need to provide more customer information and will be able to file more frequently. The additional information will be used to help customers identify which money is theirs.
- Intermediaries such as tax agents or bookkeepers will be able to link to the unclaimed money account in myIR of the organisation that holds unclaimed money. This will allow them to view unclaimed money details and file on behalf of their clients.