New legislation for unclaimed money was passed on 30 March 2021. The following information covers how holders can transition to the new 5 year deeming period and quarterly reporting requirement.
Money that reaches the new 5 year deeming period from 30 March 2021 onwards comes under the new quarterly reporting period. Holders who report in this quarter will need to file the relevant owner information and make payment by 20 August 2021.
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.
Difficulties meeting the new requirements
We know that some holders may require additional time to update their computer systems to comply with the reforms. If you cannot update your systems to comply with the new legislation at this time, you need to apply to us for an extension of the filing and reporting period. You must apply before 20 August 2021.
If we approve an extension, a new first filing and reporting period date will be of less than 2 years. A holder given the maximum extension will have a first reporting period which ends on 31 March 2023. Owner information and payment for these holders will be due on 20 May 2023.
If we grant a maximum extension of the filing and reporting period, you will need to report all amounts which became unclaimed during the preceding 48 months. Once the extended reporting period has concluded, you will need to report quarterly.