We've made some improvements to the way we process unclaimed money. The changes make it easier for people or organisations who hold unclaimed money (holders) to manage it and allow us to better identify the rightful owners.
A summary of these changes is provided below. For more guidance on these and other matters relating to unclaimed money (including making reasonable efforts to locate an owner and transitional information) see our Special report pages 50-63.
Changes to the unclaimed money legislation – from 30 March 2021
The length of time for money to become unclaimed has changed. Previously, money would become unclaimed after a period of inactivity of 6 or 25 years, depending on the type of funds you held. From 30 March 2021, money will become unclaimed after a period of inactivity of 5 years.
If you have unclaimed money to send to us, you will need to submit it and any owner information you hold quarterly. If you think this will cause you difficulty, you may apply for a variation which would let you file every 6 months.
When you submit your schedules you will need to provide additional customer information, if you hold it, as this will help claimants identify which money is theirs. This includes previous addresses or an address that has been flagged as invalid, account/reference numbers, IRD numbers and date of birth.
The requirement for holders to send a letter to the customer's last known address before sending unclaimed money and the associated information to us has been repealed. However, holders must make a reasonable effort to contact the customer before transferring the money to us.
Transitioning to the new filing regime
- If you are unable to transition to the new reporting requirements as of 30 March 2021, you may apply to us for an extension of up to 2 years to implement the reforms.
- Holders are granted a 2-year transition period to transfer money which is between 5 and 25 years of age once the reforms are enacted. This extends to money which became unclaimed in the last year but which has not yet been transferred to us.
For more details about the legislation changes, check out the links to our webinars and other pages below.
Unclaimed money in myIR
- You must now submit schedules through your myIR account.
- You are also able to pay unclaimed money and view previously submitted details online, through myIR.
- If you have provided your IRD number for processing unclaimed money, you’ll notice the new "Unclaimed money holder” account in myIR.
- If you’re a new unclaimed money holder, you’ll need to register for an "Unclaimed money holder” account in myIR in order to submit schedules online.
- You may need to set up myIR access for others in your organisation so they can process unclaimed money.
- Intermediaries such as tax agents or bookkeepers are now able to link to the "Unclaimed money holder” account in myIR of the organisation that holds unclaimed money. This allows them to view unclaimed money details and file on behalf of their clients.