Victorian Numbered Acts

UNCLAIMED MONEY ACT 2008 (NO. 44 OF 2008) - NOTES

No. 44 of 2008

Victoria

Unclaimed Money Act 2008^[†]

No. 44 of 2008

[Assented to 26 August 2008]

^[†]     Minister's second reading speech—

    Legislative Assembly: 29 May 2008

    Legislative Council: 26 June 2008

    The long title for the Bill for this Act was "A Bill for an Act to re-enact with amendments the law relating to unclaimed money, to repeal the Unclaimed Moneys Act 1962 and for other purposes."

INDEX

Subject	Section
Act
amendment of other Acts	105–116
commencement	2
purpose	1
regulations	103
repeal of section 105, Parts 11, 12	117
repeal of Unclaimed Moneys Act 1962	104
transitional provisions	104
Advertisements	28, 94
Authorised officers
appointment	9
definition	3
entry, search, inspection powers	70
identity cards	10, 70
investigations	70–73
Authorised persons	3, 76, 77, 80
Businesses See Unclaimed money – Businesses
Consolidated Fund	87–89, 98
Definitions	3, 12, 13, 33, 44, 77, 86, 90, 95, 101
Deputy Registrar of Unclaimed Money	5
Disclosure of information	76–80
Evidence	83, 84
Investigations
appointment of authorised officers to carry out	9
authorisation by Registrar	68
cross-border investigations	75
entry, search, inspection powers	70
information, evidence to be given	69
protection against self-incrimination	74
search warrants	71–73
Liability
protection from	96
Minister	89, 92, 95
Objections to assessments, reassessments
appeals to Court	64
determination	57
extension of time for lodgement	56
further, better particulars	60
lodgement	56
payment of interest	67
referral to VCAT	63
refunds of amounts	66
Subject	Section
review, appeal
effect of decision	65
grounds for	61
onus of proof	62
right of	59
suspension of determination	58
Offences
by bodies corporate	26
by partnerships, unincorporated associations	27
regarding
disclosure of information	76, 79
entries in business register	17
false, misleading information	25, 70
hindrance, obstruction of authorised officers	70
investigations	69, 70
payment of amounts to Registrar	18
records, returns	18–24
Owners	3, 33
Proceedings	85
Register See Unclaimed money register
Registrar of Unclaimed Money
appointment	4
as authorised officer	9
continuation of	4
delegation	6
powers, duties regarding
amounts payable to	34, 35
assessments, reassessments	36–42
authorised officers	9, 10
consultants, contractors	8
cross-border investigations	75
discharge of liability	33, 95
disclosure of information	78, 79
inclusion of interest, penalties in assessments	41
investigations	68, 69, 75
objections to assessments, reassessments	56–60, 65–67
payment of money to	81, 100
payment to owners	33
penalties	49–51, 54
remission of interest, penalties	47, 54
repayment of money paid to	30, 32, 82
service of documents by, on	99–102
staff	7
trustees, unclaimed trust property	14
unclaimed money register	28
unclaimed superannuation benefits	92–95
withdrawal of assessments	39, 40
Regulations	103
Search warrants	71–73
Secretary	3, 4, 5
Subject	Section
Self-incrimination
protection against	74
Transitional provisions	104
Unclaimed money – Businesses
applications for repayment	29, 31
arrangements for payments	35
business register	11, 17
deduction of reasonable expenses	11, 12
discharge of liability	12
interest payable on default	43–47
lodgement of returns	12, 18
nominated officers (def.)	12
owner's right to recover	11
payable to Registrar	12, 18
penalties payable
amount	49
increase for concealment	51
minimum amount	52
not to be deducted	55
on default	48
reduction for disclosure	50
remission	54
time for payment	53
records	20–24
See also Objections to assessments, reassessments
Unclaimed money – Trustees
applications for repayment	29, 31
arrangements for payments	35
extension of time	14, 15
interest payable on default	43–47
not in breach of trust	97
penalties payable
amount	49
increase for concealment	51
minimum amount	52
not to be deducted	55
on default	48
reduction for disclosure	50
remission	54
time for payment	53
property (def.)	13
trustees' obligations	14
See also Objections to assessments, reassessments
Unclaimed money register	3, 28
Unclaimed moneys in Court
claims made after payment into Fund	89
definition of "money paid into Court"	86
payment into Consolidated Fund	87
powers of officers of courts	88
Subject	Section
sale, conversion	88
vesting orders	88
Unclaimed superannuation benefits
advertisements	94
application of Part 8	91
definitions	90, 95
discharge of liability regarding	95
payment of benefits by Minister	92
refunds to superannuation providers	92
register	93
transfer of existing stock to Commonwealth	95
VCAT	59, 61, 63