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Companies – Record keeping / transfer and lodgement procedures

Register

Companies must record, in an alphabetical register, for each calendar year, details of moneys that became unclaimed in that year (kept at their head or principal office in the Northern Territory). It is important to note that moneys do not become ‘unclaimed’ until recovery becomes barred at law, which is generally three (3) years after they became legal payable.

Following is the preferred content and order of information in the register but the information marked with an asterisk is mandatory. The additional information assists in verifying a claimant’s entitlement to the moneys.

Name of owner of moneys*	Last known address	Total amount due to owner*	Date moneys became payable	Description of unclaimed moneys*	Date of last claim
Smith, John Edward	1 Stuart Hwy, Darwin, NT	$150	28/02/2002	Unclaimed dividens

Note – Full names of the owner should be recorded in the register with the surname shown first (e.g. Smith, John Edward)

To assist companies and to allow for the information to be transferred electronically, Territory Revenue Office has developed an easy-to-use electronic (an Excel spreadsheet - version 97) Unclaimed Moneys register F-UM-004.

Notification & Gazettal

By the last day of February following the year the moneys became unclaimed, the company must lodge with Territory Revenue Office:

-	a copy of the register for publication in the Government Gazette; and
-	a statutory declaration (form F-UM-002 Companies (Unclaimed Assets and Moneys) Act - Statutory Declaration) made by an authorized officer confirming the particulars of those moneys.

Payment

Payment of unclaimed money will be accepted with lodgement of the copy of the register and the Statutory Declaration of the authorized officer. While payment at this time is voluntary, the Act does not require it to be made until thirteen (13) months after the date the copy of the register is published in the Gazette.

Companies that do not elect to make a voluntary payment will be informed of the date of gazettal. If no claims are made within twelve months after the date of gazettal, payment of the unclaimed moneys must be made within one (1) month of that date. If any claims are paid within that year, an appropriate entry is to be made in the register and a copy lodged with payment.