Under the Unclaimed Money Act 1990, Western Australian organisations are not permitted to keep money that does not belong to them and those monies are to be deposited with the Department of Treasury.
Step 1 – Notifications
At the end of each calendar year (i.e. as at 31 December) organisations must compile a notification of any unclaimed money they hold.
The notification should be emailed to the Department of Treasury by 31 January, or as soon as possible thereafter.
To the best of their knowledge, organisations should record the payee’s:
- last known address
- date of payment
- reference or description as to what the payment relates to.
To assist Treasury with updating the notifications, organisations should use the notification template.
Organisations producing sizeable lists from computerised systems can apply to the Department of Treasury to be exempt from using this template.
Step 2 – Payment of Monies
Treasury will, as soon as is practicable after 31 July, email a payment advice to organisations. Bank details of the Treasury’s bank account and a reference to be quoted will be included in the payment advice.