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From the 27th June 2019 applications for unclaimed money under section 254 of the Bankruptcy Act can be made directly to Australian Financial Security Authority (AFSA) replacing the current court application process.
If you have applied for a court order under section 254 before the commencement date of the new application process (which is 27 June 2019) you must continue with that application. ASFA will only accept new applications from 27th June.
A trustee or debt agreement administrator will send funds from AFSA to the Commonwealth (Consolidated Revenue Fund) where:
- Any dividends or other money that has remained unclaimed for a period exceeding six months, after reasonable attempts to contact the person/entity who is entitled to the funds, have been made.
- Any money where it is proposed not to distribute or pay that money to any person (or other entity), for example where funds too small to distribute.
Contact the Registered Trustee, Official Trustee or Debt Agreement administrator that was administering the administration to confirm –
If you cannot make contact with the administrator please send an email to Registry [at] afsa.gov.au with the information you do have in relation to unclaimed money and we will contact you.
Provide evidence and proof of identity
Before starting the online form you must have the identity or proof of entitlement documents described below ready to attach. The form cannot be submitted if they are not attached
Any forms of identity will be destroyed after verifying.
For businesses, trusts or companies:
Evidence of proof of entitlement to the moneys such as a letter from the trustee or debt agreement administrator stating that the business, trust or company is entitled to the money paid, the original proof of debt, a claim and vote lodgment or an invoice.
Accepted format for these documents are – word, pdf or jpeg
A total of 14 megabytes (MB) can be attached
Download and complete the Electronic Payment Application (EPA) form
This form is required to be completed in order to provide your bank account details.
Please sign and scan the signed form, and attach it to the online unclaimed money claim form.
Complete and Submit the section 254 Unclaimed Money Application form
Please complete the online form, and click the submit button.
AFSA will take up to 28 days to process the claim. We will contact you if we require further information to prove your claim.
As of 1 October 2020, payment by cheque will not be accepted for services provided by AFSA that are not processed through AFSA’s online services.
Transactions such as unclaimed dividends and undistributed balances will need to be paid via EFT payments and a remittance advice will need to be provided – paper cheques that are sent directly to AFSA offices or are not required to have a payment advice will no longer be accepted.
Online services that offer cheque payment via a payment advice will not be impacted by the upcoming changes. Please ensure you continue to download your payment advice and follow the instructions.
To make a payment for S254 Undistributable Balances and Unclaimed Monies, make an EFT payment to the following account:
Account Name: AFSA Administered Receipts
Account No.: 10001950
Once a payment is made, please email bankingteam [at] afsa.gov.au with the amount, the Administration Name and Number.
If you have any questions about the new payment process, please contact our Finance team at Accounts.Receivable [at] afsa.gov.au.
- If further information is required to substantiate the claim AFSA may contact you to request this before we can determine if you are entitled to the funds.
- Once we have reviewed your application we will make a written determination to inform you of the decision to pay all or part of the funds you have claimed or inform you we are not satisfied you are entitled to the funds.
- If you are entitled to the funds they will be deposited into the bank account you provided in the application form.
- If we determine you are not entitled to the funds you may apply to the Court to have the determination reviewed
How to certify a document
A certified copy is a copy (often a photocopy) of a primary document that has on it an endorsement or certificate that it is a true copy of the primary document. It does not certify that the primary document is genuine, only that it is a true copy of the primary document (example shown below).
A full list of authorised witnesses is available on the Attorney General's Department website.