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Unclaimed trust money 

The handling of unclaimed trust money

From 1 July 2013, the responsibility for handling unclaimed trust money was transferred to Revenue NSW. As a result, Fair Trading no longer handles unclaimed trust money.

The Unclaimed Money Act 1995 (the Act) now applies to unclaimed money held in a trust account under the Property, Stock and Business Agents Act 2002.

According to the Act, trust money is considered unclaimed if it has been held by a licensee for more than 2 years in a trust account. This applies to all amounts of money, including under $100.

A licensee must make reasonable efforts to locate the owner of any money and failure to do so could attract a penalty of up to $5,500.

The Act also provides that money held in a trust account by a former licensee or the personal representative of a deceased licensee is unclaimed money and must be remitted to Revenue NSW within 3 months after the person ceased to be a licensee or became a personal representative.

Failure to comply can attract up to 50 penalty units ($5,500) and up to 5 penalty units ($550) for each day after it was required to comply.

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What to do with unclaimed trust money

All returns and payments must be made to the Chief Commissioner Revenue NSW, and not to Fair Trading. Visit the Unclaimed money page of the Revenue NSW website for more information about unclaimed trust money under the Property, Stock and Business Agents Act.

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