- The threshold of unclaimed money which can be lodged by business, will be increased from the current amount of $10 dollars to $50. This is the first increase in the threshold since prior to 1993.
- The minimum amount of time that unclaimed money must be held by business before it can be lodged will be decreased from 9 years to 7 years.
- The requirement for business to advertise unclaimed money in the South Australian Government Gazette will be abolished.
- Introducing a 25-year cap on the ability to make a claim for unclaimed money, with a 5 year transition period provided. Currently, there is no time limit on claims, with amounts of unclaimed money dating back to 1946.
- A $50 limit will be introduced on claim amounts, reflecting the new $50 lodgement amount for business. A 5 year transition period will be provided for existing claims less than $50.
Changes to lodgement thresholds for unclaimed money and the introduction of time limits for claiming will minimise the time spent on the administration of low value and dated claims, which often cost more to administer than their value. This will enable the diversion of resources to improving the claims process for claimants, through improved online processing of claims.
Upcoming key dates
Fri, 22 Jan 2021 at 5:00 PM