Who is accountable to lodge unclaimed money?
It is important to lodge and pay unclaimed money that you hold to Queensland Public Trustee, otherwise you may have to pay penalty tax and interest.
Organisations or enterprises that operate in Queensland and hold money for another person or body as at 30 June in any year must send the money to us by 31 October of that year, after having held it for the required period of time and having made reasonable attempts to contact the owner and return the money to them. An organisation or enterprise includes:
- a person
- a partnership
- an association
- a society
- an institution or other body, whether incorporated or not.
Whether you are a company, local authority, real estate agent or pawnbroker there is information on who can lodge money and when for different types of entities in the table below.
Holding unclaimed money
Type of organisation | When to hold as unclaimed money |
|---|---|
| Companies | A company is required to hold and maintain their own internal register of unclaimed money. Where money has been held for two years or more for a person or entity who cannot be located, a company must pay such money to the Public Trustee. |
| Deceased estates | If a beneficiary cannot be located, their entitlement in the estate (in part or in whole) is held as unclaimed money. |
| Trustees | Any solicitor, public accountant, real estate agent, auctioneer or agent who operates a trust account in Queensland and who has in their possession money of a beneficiary is required after a certain time to pay the money to the Public Trustee when the beneficiary's:
|
| Local authorities | Local authorities have the power to sell freehold property when rates and charges remain unpaid for three years. After deducting sale expenses and the rates owing, local authorities are required to pay any balance which remains unclaimed for two years to the Public Trustee. |
| Pawnbrokers | Pawnbrokers are to forward the net proceeds of sale of unredeemed pledges. |
| Uncollected goods | A trader may sell the goods pursuant to legislation and then pay excess funds to the Public Trustee. |
| Storage lien - moneys owing | A storer may sell the item stored pursuant to legislation and then pay any excess funds to the Public Trustee. |
Find out more about the money we do and don’t hold at Queensland Public Trustee
To lodge money from a bank or building society, credit union or friendly society, you can go to Australia Securities & Investments Commission (ASIC). You can find out more about lodging unclaimed superannuation through the Australian Tax Office website. Queensland Public Trustee does hold some superannuation for people who have reached the retirement age of 65 years. You can complete a search to find out if we hold any funds for you.
Each state in Australia holds unclaimed money. Therefore, your unclaimed funds could be held in another state. Each state has different ways of managing unclaimed money. The Public Trustee Act 1978 requires that the accountable person (as explained above) shall pay unclaimed money to Queensland Public Trustee.
In Queensland, the Public Trustee Act 1978 requires that the accountable person (as explained above) shall pay unclaimed money to the Public Trustee of Queensland. Please note that we refer to ourselves as Queensland Public Trustee, but Public Trustee of Queensland is our formal legal name under our Act.
The steps to lodging unclaimed money
Lodging unclaimed money online is a two-step process:
- Send us the unclaimed money details—such as the customer's name and unclaimed money amount—in an unclaimed money file (see file template and instructions below).
- After we review the file, we will send you an email containing the details for transferring the unclaimed money.
Follow these steps to create a valid unclaimed money file:
- Review the table below for holding periods to ensure your business has held the unclaimed money for the required time.
- Download the unclaimed money file template (XLSX, 35 KB) and read the template instructions below to avoid common mistakes—
- Validate the unclaimed money file by installing the unclaimed money file validator tool and reading the validator tool instructions (PDF, 560 KB)
Unclaimed money holding periods
| Business or entity type | Legislation | Holding period |
|---|---|---|
| Solicitors | s.713 Legal Professions Act 2007 | Funds held on or before the 01/04/2023 |
| Real estate agents (excluding RTA bond money) | s.33 Trust Accounts Act 1973 | Funds held on or before the 01/04/2023 |
| Accountants | s.33 Trust Accounts Act 1973 | Funds held on or before the 01/04/2023 |
| Auctioneer (including chattels) | s.33 Trust Accounts Act 1973 | Funds held on or before the 01/04/2023 |
| Storage lien-money owing | s.15 Storage Liens Act 1973 | Funds have been held for 28 days following the sale of property |
| Hospitals and institutions | s.105 Public Trustee Act 1978 | Funds have been held for 3 months prior to intended lodgement date |
| Pawnbrokers | s.64 Second-hand Dealers and Pawnbrokers Act 2003 | Funds have been held for 12 months following the sale of property |
| Share registries for ASX listed companies | s.98-102 Public Trustee Act 1978 | Funds have been held for 2 years prior to intended lodgement date |
| Utility providers | s.98-102 Public Trustee Act 1978 | Funds have been held for 2 years prior to intended lodgement date |
| Government departments (including local councils) | s.98-102 Public Trustee Act 1978 | Funds have been held for 2 years prior to intended lodgement date |
| General business (holding account) | s.98-102 Public Trustee Act 1978 | Funds have been held for 2 years prior to intended lodgement date |
*Real estate agents: Please note that under no circumstances can Queensland Public Trustee accept funds relating to Residential Tenancy Authority bonds.
**Real estate agents: In the instance of unclaimed or abandoned property, please refer to s.363-365 and s.392-395 Residential Tenancies and Rooming Accommodation Act 2008.
I am having issues trying to lodge the money
If you are having difficulty creating a valid unclaimed money file, please contact our Unclaimed Money Unit on (07) 3564 2757 or via email at [email protected] Please allow up to two business days for a response.