This discussion document sets out proposals to update the Unclaimed Money Act 1971 to better reflect how business is done today. CA ANZ agrees with the stated aims of the proposed changes to make it easier for people to claim amounts held in defunct accounts, and reduce the administration costs for organisations holding unclaimed money. The intention is to leverage off technology to reduce compliance costs and improve/ modernise Inland Revenue's administration of the Act. This will be made possible with the final release of Inland Revenue's Business Transformation upgrade scheduled for April 2021.
We agree with the direction of the proposals and the rationale for them including acknowledgement that any impact on holders of unclaimed money needs to be appropriately considered.