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Unclaimed Moneys

Certain categories of unclaimed moneys either revert back to Northern Territory Treasury, or Treasury must give prior approval for  their release. 
These are:  

• General unclaimed money as defined in the Companies (Unclaimed Assets and Moneys) Act and which concerns unclaimed moneys in relation to a company. 
• Unclaimed superannuation money which is defined in the Unclaimed Superannuation Benefits Act as an unclaimed superannuation benefit.

Other categories of unclaimed monies are generally dealt with through the agency associated with the activity.

Unclaimed moneys in relation to a company

This refers to general unclaimed money as defined in the Companies (Unclaimed Assets and Moneys) Act and which concerns unclaimed moneys in relation to a company.  This means moneys in respect of deposits with, or securities of, the company, and dividends, bonuses, profits or other moneys payable to a member of a company.

This scheme is administered by Territory Revenue Office, for more information click here.

Unclaimed superannuation from Northern Territory Government funds

The trustee of a superannuation fund is required under the Act to transfer unclaimed benefits to Treasury. An unclaimed benefit is a superannuation amount that is payable by the fund to:

a member where the member has reached the eligibility age for an aged pension; and

• under the governing rules, is eligible for a benefit (other than a pension) from the fund; and
• has not applied to the fund’s trustee to have the benefit paid; and
• the benefit is unable to be paid because after all reasonable efforts, the member is unable to be located; or

a beneficiary where the member of a fund has died; and

• under the governing rules, is eligible for a benefit (other than a pension) from the fund; and
• had not applied to the fund’s trustee to have the benefit paid or has died after making such an application; and
• the benefit is unable to be paid in respect of the member because after all reasonable efforts, the beneficiary is unable to be located.

The only trustee that currently transfers unclaimed benefits to Treasury is the Northern Territory Superannuation Office. As a result, the only unclaimed superannuation benefits held by Treasury are those which are owed to employees that have worked for the NT Public Service.

As the Northern Territory Superannuation Office closed their superannuation schemes to new members from 10 August 1999,  anyone intending to follow up unclaimed entitlements must have been a contributing member of a Northern Territory administered superannuation Scheme prior to 10 August 1999.  The applicable schemes are the Northern Territory Government and Public Authorities Superannuation Scheme (NTGPASS) and the Northern Territory Supplementary Superannuation Scheme (NTSSS).  

Government employees who commenced after August 1999, would have had their superannuation deducted and held by the default fund AGEST or other fund of their choice.  In these cases any requests for missing superannuation should be referred to the fund concerned.

This scheme is administered by Territory Revenue Office. Further information can be found here.

Other organisations that administer unclaimed monies

Other organisations that administer unclaimed monies include:

• The Public Trustee for the Northern Territory, telephone (08) 8999  7271, who administers some unclaimed money relating to beneficiaries of estates.
• The Australian Securities and Investment Commission also administers various types of unclaimed money. A search of their register can be made via their website; http://www.fido.asic.gov.au or by phoning 1300 301198. The categories of unclaimed money that can be located at this site include:
• Old deposit accounts with banks credit unions and building societies;
• Life insurance policies which have matured; and
• Shares or other money from companies.
• The Australian Taxation Office (ATO) administers other unclaimed superannuation monies. Tel: 131020 or visit the ATO website http://www.ato.gov.au and click on superannuation in the dropdown menu then click on ‘Find your lost super’. You will require a Tax File Number and date of birth to search this information.