You need to understand your obligations about unclaimed moneys.
Unclaimed moneys for a company include:
- or other moneys payable to a member of a company.
The Department of Treasury and Finance can only accept money if:
- it has been unclaimed for a period of three years
- the company's head or principal office is in the Northern Territory.
What is included
The Companies (Unclaimed Moneys) Act only applies to unclaimed moneys that are:
- in the nature of a deposit with or security of the company or, dividends, bonuses, profits or other money payable to a member of the company
- held by a company or a natural person, partnership, or a company whose head or principal office is not located in the Northern Territory
- not required to be lodged with another authority under a law of the Territory or of the Commonwealth.
Read the law.
Examples of unclaimed monies can include:
- client accounts with banking institutions
- deceased estates
- life insurance policies that have matured
- lottery prizes and internet and phone betting accounts
- superannuation moneys
- moneys for companies that have been deregistered
- shares/acquisitions under the Corporations Act.