The Public Trustee administers money that have been declared unclaimed under the Unclaimed Money Act 1950, the Agents Act 2003 and the Legal Profession Act 2006. There are different claim requirements under each of the acts.
Unclaimed money paid to the Public Trustee under the Unclaimed Money Act generally relate to accounts that have been inactive for over six years and can include deposits, dividends, trust account funds, interest, refunds, overpayments, sale proceeds and bonds.
Unclaimed Money from bank, building society and credit union accounts are administered by the Australian Securities and Investment Commission. With effect from 14 March 2011, claims for unclaimed superannuation money should be made to the Australian Taxation Office Superannuation Lost Members' Register SuperSeeker.
Unclaimed Money under the Agents Act are trust money held by licensed agents (including real estate, travel, business, stock and station and employment agents) for more than three years as declared unclaimed to the ACT Commissioner for Fair Trading.
Unclaimed Money under the Legal Profession Act are money held in trust accounts by solicitors for more than six years without being able to locate the entitled persons, or where the person has refused to accept the funds.