SHORT TITLE - Section 1 This Act can be cited as the Goods and Services Amendment Act 1990, and shall be read as part of If the money is not paid out during this time, it will be transferred to the Crown bank account as unclaimed money. Unclaimed money is money held by a person or organisation, such as a solicitor or a Bank, where the owner of that money (or someone with authority to act on behalf of the owner) cannot be found. Compare: 1908 No 201 s 2; 1932 No 11 s 25; 1932–33 No 45 s 17. money, including the interest or any amount in the nature of interest thereon, deposited with any holder so as to bear interest for a fixed term, which has been in the possession of the holder for the period of 6 years immediately following the date of expiry of the term: money, including the interest or any amount in the nature of interest thereon, deposited with any holder so as to bear interest—, for a fixed term where, on the expiry of the fixed term, the money, if it is not withdrawn by the customer, is to be treated as reinvested,—. Every person commits an offence, and is liable on conviction to a fine not exceeding $500, who wilfully or negligently—, being a holder, fails to comply with any provision of section 6, section 7, subsection (1) of section 8, or section 10, or with any condition on which the Commissioner has granted exemption under section 9; or. 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PO Box 3724, Wellington 6140, New Zealand. site, Holder to notify Commissioner and owners of entries in register of unclaimed money, Payment of unclaimed money to Commissioner, Special arrangements may be made by Commissioner, Commissioner may make payment to claimant, http://www.pco.parliament.govt.nz/editorial-conventions/. Check the unclaimed money held by Inland Revenue and follow the instructions on their website on how to claim. Subject to section 11, the enactments amended by this section shall continue to apply, as if this Act had not been passed, to all money which before the commencement of this Act has become unclaimed money under any provision of any such enactment. where in either case the customer has not operated on the account for a period of 25 years, whether by deposit, or withdrawal, or instruction in writing: money deposited upon current account or otherwise with any holder and not bearing interest, where—, in any case where the holder is a savings bank, the customer has not operated on the account for a period of 25 years, whether by deposit, or withdrawal, or instruction in writing; and. Section 5(1)(k): replaced, on 15 December 2003, by section 145 of the Motor Vehicle Sales Act 2003 (2003 No 12). Section 5(1)(ha): inserted, on 1 August 2008, by section 348 of the Lawyers and Conveyancers Act 2006 (2006 No 1). 2 Interpretation. An Act to consolidate and amend certain enactments of the Parliament of New Zealand relating to unclaimed money Title : amended , on 1 January 1987 , pursuant to section 29(2) of the Constitution Act 1986 (1986 No 114). A Board of Trustees administers the scheme and manages the investments of the Fund National Provident Fund, and the day-to-day administration is provided by Datacom Employer Services Limited. the bonds were issued in the names of those who bought them, there is no register of bonds which have not been redeemed. Section 12(2): amended, on 1 April 1980, pursuant to section 18(2) of the District Courts Amendment Act 1979 (1979 No 125). Compare: 1908 No 201 s 2 Section 2 Commissioner : amended , on 1 April 1995 (applying with respect to the tax on income derived in 1995–96 and subsequent income years), by section YB 1 of the Income Tax Act 1994 (1994 No 164). Last week saw the end of one such controversy in New Zealand. If you think you entitled to unclaimed money from bonds that have matured but have not been paid out, you should contact the Registrar - Computershare Investor Limited. In general, money is classed as unclaimed after a certain length of time has passed since the person or organisation holding the money has been able to contact the owner. Search for unclaimed money using a multi-state database. If you live in New Zealand you should contact the Work and Income Contact Centre: Contact details for International Services: Work and Income | Get Assistance - International Services, New Zealand Superannuation and Retirement Income Act 2001. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act. The Act in question was section 4 (1) (e) of the Unclaimed Money Act 1971 (NZ): [Unclaimed money shall consist of] (e) Any other money, of any kind whatsoever, which has been owing by any holder for the period of six years immediately following the date on which the money … An Act to amend the law relating to unclaimed money, and for other purposes [Assented to 4 December 2012] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Treasury Legislation Amendment (Unclaimed Money and Other Measures) Act 2012. The Government Superannuation Fund (the “Fund”) was established in 1948 as a superannuation scheme for state sector employees. Section 6(1) proviso paragraph (a): amended, on 1 March 2017, by section 261 of the District Court Act 2016 (2016 No 49). See also http://www.pco.parliament.govt.nz/editorial-conventions/. Such money may come from a variety of sources and is held as a public service. The amounts owed range from $100 to $371,000 and are static, which means any interest accrued on them goes to the Crown. 127 of 1999 as amended, taking into account amendments up to Treasury Laws Amendment (2020 Measures No. Public Trust Act 2001. Any money derived from the land (e.g. Where a holder has ceased to carry on business or has died, and the holder, or, as the case may be, his personal representative, has for a period of 6 months or more immediately succeeding the date of that cessation or death been in possession of or owed money which has remained unclaimed and—, which would become unclaimed money when the period referred to in the appropriate paragraph of subsection (1) had expired if the money had remained unclaimed; or, which would have so become unclaimed money if it were not money of any of the kinds referred to in subsection (2),—. Compare: 1908 No 201 s 3; 1932 No 11 s 27. Treasury also administers several programs that provide an opportunity for financial empowerment for families, … The length of time depends on the type of money. Under the Māori Trustee Act 1953, if the Māori Trustee holds money in the common fund for at least 10 years and no claim has been made for that money during that time it will become unclaimed money. An Act to consolidate and amend certain enactments of the Parliament of New Zealand relating to unclaimed money. The unclaimed funds held by the state are often from bank accounts, insurance policies, or your state government. All money paid by the Commissioner under subsection (1) shall be paid out of a Crown Bank Account without further appropriation than this Act. Name, occupation, and last known address of owner on books: Unclaimed money paid to owner: [date ] [amount]. The Pennsylvania Office of the State Treasurer serves as the custodian of more than $100 billion in Commonwealth funds, and is responsible for the receipt and deposit of state monies, investment management and oversight of all withdrawals and deposits from state agencies. This may include awards from court cases, reparations to victims of crime (Ministry of Justice) and prisoners’ allowances (Department of Corrections). In fact her pile of $252,135.88 has been calling to her from New Zealand's tax department without an answer for at least eight years. Bank accounts become unclaimed after seven years if the account is inactive. This is intended to be applied for requirements that are specified under the Inland Revenue Acts, or provisions of the Unclaimed Money Act 1971. Unclaimed money is money left untouched by its owner in organisations like banks, or with a person such as a solicitor. The following enactments are hereby consequentially repealed: Subject to section 11, the enactments hereby repealed shall continue to apply, as if this Act had not been passed, to all money which before the commencement of this Act has become unclaimed money under any provision of any such enactment. When is a two-stage BBC process required? If you think that you are entitled to money from a superannuation fund, you should contact the administrators of the scheme in the first instance to make a claim. See the general information page about New Zealand Superannuation for information about whether you are eligible to a deceased relative or partner’s entitlements: Work and Income | Get Assistance - Main benefit information - New Zealand Superannuation. There are instructions on their website about how to make a claim. An Act to provide for giving publicity to information relating to unclaimed funds, and for other purposes. Section 11(5): amended, on 1 April 1987, by section 16(4) of the State Services Conditions of Employment Amendment Act 1987 (1987 No 17). This register publishes unclaimed amounts with Singapore Public Sector agencies including Ministries, Organs of State and Statutory Boards. Section 11(3): repealed, on 1 April 1987, by section 16(4) of the State Services Conditions of Employment Amendment Act 1987 (1987 No 17). Unclaimed money is often released to the unclaimed property fund of a state or province. District Court Act 2016 (2016 No 49): section 261, Financial Reporting Amendment Act 2014 (2014 No 64): section 17, Auctioneers Act 2013 (2013 No 148): section 28(3), Companies Amendment Act 2013 (2013 No 111): section 14, Criminal Procedure Act 2011 (2011 No 81): section 413, Real Estate Agents Act 2008 (2008 No 66): section 173, Lawyers and Conveyancers Act 2006 (2006 No 1): section 348, Motor Vehicle Sales Act 2003 (2003 No 12): section 145, Income Tax Act 1994 (1994 No 164): section YB 1, Companies Amendment Act 1993 (1993 No 108): section 63, Private Savings Banks (Transfer of Undertakings) Act 1992 (1992 No 21): section 22(1), Unclaimed Money Amendment Act 1990 (1990 No 65), Public Finance Act 1989 (1989 No 44): section 83(7), Unclaimed Money Amendment Act 1988 (1988 No 9), Government Life Insurance Corporation Act 1987 (1987 No 70): section 34(3), State Services Conditions of Employment Amendment Act 1987 (1987 No 17): section 16(4), Constitution Act 1986 (1986 No 114): section 29(2), Law Practitioners Act 1982 (1982 No 123): section 193(1), District Courts Amendment Act 1979 (1979 No 125): section 18(2), Private Savings Banks (Transfer of Undertakings) Act 1992, the Government Life Insurance Corporation, Government Life Insurance Corporation Act 1987, State Services Conditions of Employment Amendment Act 1987, About this These were bearer bonds, which mean that they may be redeemed upon production of the bond. If the property is land, and no one has established a claim to it within 20 years, then the land will be transferred to the Crown. After the organisation, or person has been unsuccessful in trying to find the owner, most unclaimed money is transferred to us, the Public Trust or Treasury. and in that case he or it shall be deemed to be the holder in respect of that money. National Provident Fund Restructuring Act 1990. The Fund is managed and administered by the Government Superannuation Fund Authority (GSFA) in accordance with the Government Superannuation Fund Act 1956. This may occur when you do not deposit or withdraw money from a bank account for a period of seven years or more. For more information on the Authority, visit the Government Superannuation Fund Authority web site. It applies to unclaimed money owing or held by companies incorporated in New Zealand, as well as those incorporated elsewhere but doing business in … Pursuant to Section 67 of the Banking Act 1995, Australia and New Zealand Banking Group Limited, Fiji Branch, publishes names of its customers of which during a period of 10 years, or more as the case may be, no transactions have taken place and no statement of account has been requested or acknowledged by the account holder. All real property will be transferred to the Crown, through Land Information New Zealand, after a period of 7 years and any money derived from that property will be transferred to the Treasury. If you think you may be entitled to unclaimed money from bonds that have matured but have not been paid out, you should contact the New Zealand Debt Management Office at the Treasury. Under the Act, money is only unclaimed if the amount is more than $100 for any one owner. Unclaimed money. This Act shall apply to unclaimed money held or owing by the following holders: any company incorporated in New Zealand and any liquidator or receiver of any such company: any company incorporated out of New Zealand and carrying on business in New Zealand, and any liquidator or receiver of any such company: any bank, including a savings bank, carrying on business in New Zealand: any building society within the meaning of the Building Societies Act 1965: any person, firm, body, or institution carrying on the business of borrowing and lending money in New Zealand, in respect of money borrowed: any insurance office or company carrying on business in New Zealand, including the Government Life Insurance Corporation: any person registered as an auctioneer under the Auctioneers Act 2013: any agent within the meaning of the Real Estate Agents Act 2008, whether or not a company, in respect of money held in a trust account: any conveyancing practitioner within the meaning of the Lawyers and Conveyancers Act 2006, in respect of money held in a trust account: any sharebroker within the meaning of the Sharebrokers Act 1908, whether or not a company, in respect of money held on behalf of clients: any qualified statutory accountant (within the meaning of section 5(1) of the Financial Reporting Act 2013) in respect of money held on behalf of clients: any motor vehicle trader within the meaning of the Motor Vehicle Sales Act 2003, whether or not a company, for money held on behalf of any person for whom the trader has acted as agent in the course of carrying on the business of motor vehicle trading: provided that where any holder referred to in paragraph (e) or paragraph (g) or paragraph (h) or paragraph (i) or paragraph (k) is a company, nothing in those paragraphs shall derogate from the provisions of paragraphs (a) and (b) in relation to that holder. In general, money is classed as unclaimed after a certain length of time has passed since the person or organisation holding the money has been able to contact the owner. New Zealand War Bonds were issued between 1942 and 1945 by the Reserve Bank for a fixed period to be paid when they matured. If you think that you are entitled to money from the Fund, either personally or as a survivor of a member of the Fund, you should contact Datacom to make a claim. the holder or that personal representative may, if he thinks fit, pay the money to the Commissioner and furnish to the Commissioner particulars of the payment and of the person on whose behalf the money was held or to whom it was owed; and thereupon that money shall be deemed to be unclaimed money, and the provisions of this Act, as far as they are applicable, shall apply accordingly. The Inland Revenue Acts include various requirements which must be met within certain timeframes or procedural and administrative requirements. The following are examples of money (and entitlements to money) that may be unclaimed: The Trustee Act 1956 allows trustees to pay money or securities held by a trust (such as a family trust or a charitable trust) to the Crown, through the Treasury, when they no longer wish to be trustees. If you think the Public Trust may be managing property that you own or may be entitled to then you should contact the Public Trust.