How authorised deposit-taking institutions lodge unclaimed money returns
An unclaimed money return is where an entity provides to ASIC unclaimed money in accordance with the law. All authorised deposit-taking institutions (ADIs) must submit an annual unclaimed money return to ASIC by 31 March each year containing the unclaimed money as at 31 December of the previous year (section 69 of the Banking Act 1959 (Banking Act)).
ADIs include banks, building societies and credit unions. For a complete list of ADIs go to the APRA website.
Section 69 of the Banking Act identifies unclaimed money as all principal, interest, dividends, bonuses, profits and sums of money legally payable by the ADI, but where the time limit for commencing proceedings for recovery of these funds has expired. This includes dormant accounts where there has been no deposit or withdrawal by the owner of the account for seven years.
However, this does not include:
unclaimed money held in retirement savings accounts (within the meaning of the Retirement Savings Accounts Act 1997)
money in an account that is denominated in a currency other than Australian currency
money in a children’s account
farm management deposits (within the meaning of the Income Tax Assessment Act 1997)
term deposits
money held in an account with the ADI in respect of which the holder of the account, or an agent of the holder, has notified the ADI, between the end of the year and the day the statement is delivered to the Treasurer, that the holder wishes to treat the account as active.
Amounts of unclaimed money less than $500 cannot be sent to ASIC by an ADI (see the Banking (Unclaimed Money) Regulation 2016).
For more information on the requirements and exemptions see section 69 of the Banking Act and related regulations.
How an ADI lodges a return
Each year by 31 March ADIs must lodge a return with ASIC providing the unclaimed money held by the ADI as at 31 December of the previous year.
A CSV return form is an Excel spreadsheet and contains:
Header record: Where the ADI’s information is entered (row 1)
Detail record/s: Where the unclaimed money record is entered (rows 2, 3, etc)
To make an Excel spreadsheet into a CSV return form you will need to save it as a comma delimited file format (.csv). To do this, use ‘save as’ to change the spreadsheet type to .csv.
The CSV return form has a specific format that must be complied with for ASIC’s system to receive and process the return. Our downloadable guide to the CSV return form includes the information to be included and the required format.
It is advisable to check that your CSV return form:
has a Header record
has correct totals in the Header record
includes only amounts of $500 or more
has the full name of the depositor or shareholder
has the last known address of the depositor or shareholder (‘unknown’ addresses may be rejected); and
has the BSB (branch code) that applies to any account.
The detailed information you provide ensures that accurate and sufficiently complete unclaimed money details can be made available to the public and claimants identified. This information can be searched on our consumer website Moneysmart.
Subject: ADI unclaimed money return for <insert your company>
<Your ADI name>
<Year of Return>
I refer to our annual unclaimed money return. Please find attached our CSV return form containing details of unclaimed money.
I certify that there are no amounts under $500 included in the CSV return form.
I confirm that we are unable to locate an address for any records listed with an ‘unknown’ address because <if applicable, provide details>.
I certify that the attached CSV return form is true and correct.
<Name of person submitting the email>
<Position of person>
<Contact phone number>
Lodging your CSV return form by email assists ASIC in processing the return as quickly as possible.
As an ADI, if you have internal privacy or security policies which would prevent you making your return by email with an attached CSV return form, please send an email to unclaimed.lodging@asic.gov.au outlining:
details as to why you can’t use the email process; and
what alternative you propose so that the information can be provided to ASIC electronically, but complying with your security/privacy policy.
We will consider these issues on a case-by-case basis.
You will receive email confirmation that your CSV return form has been accepted and details of how you can make payment will be provided.
If the payment of the unclaimed money is not received by ASIC within 5 business days of ASIC’s email your return may be rejected.
Lodging a nil return
If you have no unclaimed money as at 31 December of the previous year, as an ADI you must still lodge a return by 31 March. You can lodge a nil return by email.
Your email should use this wording:
To: unclaimed.lodging@asic.gov.au
Subject: ADI unclaimed money nil return for <insert your company>
<Your ADI name>
<Year of Return>
I refer to our annual unclaimed money return. This is to confirm that we have no money to be provided to ASIC as unclaimed money.
