Unclaimed Money Act 1971

1: Short Title and commencement
1: This Act may be cited as the Unclaimed Money Act 1971.
2: This Act shall be deemed to have come into force on 1 June 1971.
2: Interpretation
In this Act, unless the context otherwise requires,— Commissioner Tax Administration Act 1994 document
a: a thing that is used to hold, in or on the thing and in any form, items of information:
b: an item of information held in or on a thing referred to in paragraph (a):
c: a device associated with a thing referred to in paragraph (a) and required for the expression, in any form, of an item of information held in or on the thing holder section 5 mutual association officer of the Department owner quarter savings bank
a: Post Office Bank Limited:
b: a trustee bank's successor company in respect of any money vested in it by virtue of the Trustee Banks Restructuring Act 1988:
c: a savings bank company's successor in respect of any money vested in it by virtue of the Private Savings Banks (Transfer of Undertakings) Act 1992
d: a building society within the meaning of the Building Societies Act 1965 section 57 Building Societies Amendment Act 1987 unclaimed money section 4 1908 No 201 s 2 Section 2 Commissioner amended 1 April 1995 Income Tax Act 1994 Section 2 document inserted 30 March 2021 section 205(1) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 2 mutual association inserted 30 March 2021 section 205(2) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 2 quarter inserted 30 March 2021 section 205(3) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 2 savings bank replaced 22 May 1998 section 22(1) Private Savings Banks (Transfer of Undertakings) Act 1992
3: Unclaimed money to be paid to Crown
Subject to this Act, there shall be payable to the Crown all money which becomes unclaimed money after the commencement of this Act, except and so far as special provisions are made by or under any other Act.
4: Meaning of unclaimed money
1: Unclaimed money
a: is payable by a person who is a holder under section 5 owner
b: meets the requirements of subsection (2) or (7); and
c: is held by a person who—
i: is not the Commissioner; or
ii: is the Commissioner and has not delisted the money under section 11(6)
2: Money meets the requirements of this subsection if—
a: the obligation of the holder to pay the money to the owner arises under an agreement, arrangement, or situation described in subsection (4); and
b: the money is not excluded from meeting the requirements of this subsection by subsection (5); and
c: the requirements of subsection (3) are met.
3: The requirements of this subsection are met if—
a: the amount of money payable to an individual owner is more than $100, and—
i: for money to which a single-term arrangement described in subsection (6)﻿(a) applies, the owner during a period of 5 years does not request information from, and does not provide instructions or information to, the holder, whether about the money or about another matter; and
ii: for money to which a renewing-term arrangement described in subsection (6)﻿(b) applies, the owner during a period of 5 years beginning on or after the end of the first fixed period and ending with the end of the second or a later fixed period does not request information from, and does not provide instructions or information to, the holder, whether about the money or about another matter; or
b: the holder chooses to pay the money to the Commissioner as unclaimed money and satisfies the requirements of section 5B
4: For the purposes of subsection (2), money payable by a holder to an owner may be unclaimed money if the obligation arises under 1 or more of—
a: an arrangement under which the holder receives money from the owner in consideration for the holder’s providing money to the owner at a future time or on the occurrence or non-occurrence of a future event, whether or not the event occurs because notice is given or not given:
b: a policy of life assurance that matures—
i: otherwise than by death; or
ii: by death, in which case the due date for payment is treated for the purposes of subsection (2) as being the date on which the holder first has reason to suppose that the death has occurred:
c: an agreement, arrangement, or situation that gives rise to an obligation under law or equity of the holder to make a payment to the owner.
5: Money payable by a holder to an owner does not meet the requirements of subsection (2) if the money is payable—
a: as a dividend by the holder as a company to the owner as a shareholder, unless the payment is made by the holder as a mutual association in relation to money deposited with the holder by the owner as a member:
b: as a rebate by the holder as a mutual association to the owner as a member in relation to the trading transactions of the member with the association, unless the payment is made in relation to money deposited with the holder by the owner:
c: as a benefit from a pension fund or superannuation fund.
6: For the purposes of subsection (3)﻿(a),—
a: an arrangement that applies to money is a single-term arrangement
b: an arrangement that applies to money is a renewing-term arrangement
i: becomes due for payment after a fixed period if the owner near the end of the fixed period requests repayment; and
ii: is treated as being paid by the holder to the owner and then by the owner to the holder for a further fixed period if the owner does not request repayment as described in subparagraph (i).
7: Money meets the requirements of this subsection if—
a: the money is payable to an owner by a holder who ceases to carry on business, or by the personal representative of a holder who dies; and
b: the obligation of the holder to make the payment arises from the holder’s business; and
c: the money is held by the holder or the personal representative of the holder after a period of 6 months from the cessation or death; and
d: the money would meet the requirements of subsection (2) in the absence of subsection (4) if the holder or the personal representative of the holder were to hold the money for a sufficient period; and
e: the holder or the personal representative of the holder chooses to pay the money to the Commissioner and satisfies the requirements of section 5B Section 4 replaced 30 March 2021 section 206 Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021
5: Holder
1: This Act shall apply to unclaimed money held or owing by the following holders:
a: any company incorporated in New Zealand and any liquidator or receiver of any such company:
b: any company incorporated out of New Zealand and carrying on business in New Zealand, and any liquidator or receiver of any such company:
c: any bank, including a savings bank, carrying on business in New Zealand:
d: any building society within the meaning of the Building Societies Act 1965
e: any person, firm, body, or institution carrying on the business of borrowing and lending money in New Zealand, in respect of money borrowed:
f: any insurance office or company carrying on business in New Zealand, including the Government Life Insurance Corporation
g: any person registered as an auctioneer under the Auctioneers Act 2013
h: any agent within the meaning of the Real Estate Agents Act 2008
ha: any conveyancing practitioner within the meaning of the Lawyers and Conveyancers Act 2006
i: any sharebroker within the meaning of the Sharebrokers Act 1908
j: any qualified statutory accountant (within the meaning of section 5(1)
k: any motor vehicle trader within the meaning of the Motor Vehicle Sales Act 2003 provided that where any holder referred to in paragraph (e) or paragraph (g) or paragraph (h) or paragraph (i) or paragraph (k) is a company, nothing in those paragraphs shall derogate from the provisions of paragraphs (a) and (b) in relation to that holder.
2: A person, firm, body, or institution (the elective holder
a: the money is not unclaimed money under section 4(2) or (7)
b: if the money is excluded from being unclaimed money by section 4(5) section 4(7)
c: the elective holder chooses to be treated as the holder of the money.
3: A department or office of Parliament or Crown entity, as defined in the Public Finance Act 1989 Schedule 4 4A 1908 No 201 s 2; 1932 No 11 s 25 Section 5(1)﻿(f) amended 1 April 1987 Government Life Insurance Corporation Act 1987 Section 5(1)﻿(g) replaced 18 December 2013 section 28(3) Auctioneers Act 2013 Section 5(1)﻿(h) amended 16 November 2009 section 173 Real Estate Agents Act 2008 Section 5(1)﻿(ha) inserted 1 August 2008 section 348 Lawyers and Conveyancers Act 2006 Section 5(1)﻿(j) replaced 1 July 2015 section 17 Financial Reporting Amendment Act 2014 Section 5(1)﻿(k) replaced 15 December 2003 section 145 Motor Vehicle Sales Act 2003 Section 5(2) replaced 30 March 2021 section 207(1) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 5(3) inserted 30 March 2021 section 207(2) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021
5B: Obligations of holders
1: A holder must make reasonable efforts to locate the owner of money that is, or will soon become, unclaimed money and to communicate with the owner concerning the money.
2: A holder of money that pays the money to the Commissioner as unclaimed money must provide to the Commissioner, with or before the payment and in a form acceptable to the Commissioner, the information relating to the owner and the money that is in the possession or control of the holder and is readily available to the holder, including—
a: the source, and history of the accrual, of the amount:
b: the identity and whereabouts of the owner:
c: the source of the owner’s entitlement to payment of the money. Section 5B inserted 30 March 2021 section 208 Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021
6: Register to be kept
Section 6 repealed 30 March 2021 section 209 Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021
7: Holder to notify Commissioner and owners of entries in register of unclaimed money
Section 7 repealed 30 March 2021 section 209 Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021
8: Payment of unclaimed money to Commissioner
1: If money becomes unclaimed money under section 4(2)
a: meet the requirements of section 5B
b: pay the money to the Commissioner.
2: All money payable to the Commissioner in accordance with this section shall be recoverable by the Commissioner on behalf of the Crown by action in the Commissioner’s
3: All unclaimed money received by the Commissioner under this or any other Act shall be paid into a Crown Bank Account
4: Where unclaimed money is paid by a holder to the Commissioner in accordance with this Act, the holder shall thereafter be relieved of all further liability to any claimant in respect of the money so paid.
5: The period (the reporting period
a: a quarter, except if paragraph (b) or (c) applies; or
b: a period consisting of 2 consecutive quarters and starting and ending on calendar dates approved by the Commissioner, if the Commissioner approves the use of a 6-monthly reporting period by the holder and paragraph (c) does not apply; or
c: for a period that is the first reporting period of the holder ending after 30 March 2021
i: approved by the Commissioner; and
ii: less than 2 years after 30 March 2021
iii: consistent with the later reporting periods under paragraph (a) or (b) for the holder. 1932 No 11 s 30 Section 8(1) replaced 30 March 2021 section 210(1) section 210(4)–(7) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 8(2) amended 30 March 2021 section 210(2) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 8(3) amended 25 January 2005 section 83(7) Public Finance Act 1989 Section 8(5) inserted 30 March 2021 section 210(3) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 8(5)﻿(c) amended 30 March 2022 section 267(2) Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 8(5)﻿(c)﻿(ii) amended 30 March 2022 section 267(3) Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022
9: Special arrangements may be made by Commissioner
Notwithstanding the provisions of this Act, but without affecting the liability of the holder to pay unclaimed money to the Crown, the Commissioner may from time to time, pursuant to a special arrangement, exempt in writing any holder or any class of holder from compliance with all or any of the provisions of section 8(1) Section 9 amended 30 March 2021 section 211 Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021
10: Examination of accounts
1: The Commissioner or any officer of the Department authorised by the Commissioner records
2: The Commissioner or any officer of the Department authorised by the Commissioner
3: Every person shall, without fee, from time to time as required by the Commissioner or any officer of the Department authorised by the Commissioner in the person’s knowledge, or the person’s possession 1932 No 11 s 31(1)–(4) Section 10(1) amended 30 March 2021 section 212(1)﻿(a) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 10(1) amended 30 March 2021 section 212(1)﻿(b) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 10(1) amended 30 March 2021 section 212(1)﻿(c) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 10(2) amended 30 March 2021 section 212(2) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 10(3) amended 30 March 2021 section 212(3)﻿(a) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 10(3) amended 30 March 2021 section 212(3)﻿(b) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021
11: Commissioner may make payment to claimant
1: If any claimant makes any demand against the Commissioner for any money—
a: paid to the Commissioner; or
b: paid, whether before or after the commencement of this Act, into a Crown Bank Account the Commissioner, on being satisfied that the claimant is the owner of the money demanded by the claimant made by the Commissioner
2: All money paid by the Commissioner under subsection (1) a Crown Bank Account
3:
4: Where any money paid to any claimant under this section is afterwards claimed by any other person, the Commissioner not
5: No claimant shall be entitled to interest on the amount of any money for which demand on the Commissioner by the claimant to the claimant
6: The Commissioner may remove an amount of unclaimed money from the list of amounts that are available for the owner to claim from the Commissioner, and the amount then ceases to be unclaimed money, if the money—
a: has been unclaimed money for 25 years or more:
b: is money for which the Commissioner holds no information relating to the owner:
c: is an amount of $100 or less.
7: No person shall have a right of action against the Commissioner for the investment or non-investment of an amount of unclaimed money held by the Commissioner.
8: No person shall have a right of action against the Commissioner for an amount of money that—
a: has been delisted by the Commissioner under subsection (6); or
b: is unclaimed money meeting the requirements of subsection (6) for delisting by the Commissioner. 1908 No 201 ss 8, 9 Section 11(1) amended 30 March 2021 section 213(1)﻿(a) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 11(1) amended 30 March 2021 section 213(1)﻿(b) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 11(1)﻿(b) amended 25 January 2005 section 83(7) Public Finance Act 1989 Section 11(2) amended 25 January 2005 section 83(7) Public Finance Act 1989 Section 11(2) amended 1 April 1987 State Services Conditions of Employment Amendment Act 1987 Section 11(3) repealed 1 April 1987 State Services Conditions of Employment Amendment Act 1987 Section 11(4) amended 1 August 1990 Unclaimed Money Amendment Act 1990 Section 11(4) amended 1 April 1987 State Services Conditions of Employment Amendment Act 1987 Section 11(5) amended 30 March 2021 section 213(2)﻿(a) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 11(5) amended 30 March 2021 section 213(2)﻿(b) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 11(5) amended 1 April 1987 State Services Conditions of Employment Amendment Act 1987 Section 11(6) inserted 30 March 2021 section 213(3) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 11(7) inserted 30 March 2021 section 213(3) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 11(8) inserted 30 March 2021 section 213(3) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021
11B: Capacity of trustees
1: For the purposes of this Act, a person who is acting as a trustee of a trust is acting in a capacity that is separate from their other capacities.
2: The other capacities of the person referred to in subsection (1) may include—
a: a personal capacity:
b: a capacity as a body corporate that is a legal person:
c: a capacity as a trustee of another trust. Section 11B inserted 30 March 2021 section 214 Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021
12: Officers to maintain secrecy
Section 12 repealed 30 March 2021 section 215 Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021
13: Offences
Every person commits an offence, and is liable on
a: being a holder, fails to comply with any provision of section 8(1) section 10 section 9
b: being a director, manager, secretary, or other officer of the holder, authorises or permits that failure to comply. 1932 No 11 ss 29(1) 31(5) Section 13 amended 1 July 2013 section 413 Criminal Procedure Act 2011 Section 13(a) amended 30 March 2021 section 216 Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021
14: Consequential amendments
1), (2: Amendment(s) incorporated in the Act(s).
3:
4:
5:
6: Subject to section 11 Section 14(3) repealed 1 April 1983 section 193(1) Law Practitioners Act 1982 Section 14(4) repealed 1 April 1983 section 193(1) Law Practitioners Act 1982 Section 14(5) repealed 1 July 1994 Companies Amendment Act 1993
15: Repeals and savings
1: The following enactments are hereby consequentially repealed:
a: the Unclaimed Moneys Act 1908
b), (c: Amendment(s) incorporated in the Act(s)
d: the Unclaimed Moneys Amendment Act 1958.
2: Subject to section 11