lost

Do you have any Unclaimed Money?

In New South Wales, any unclaimed money is generally held by the Revenue NSW.

Unclaimed money is generally any amount in excess of $100 held for at least 6 years without any activity on an account. This may be because the owner moved, changed their name or simply forgot about it.

Types of unclaimed money held by Revenue NSW include dividends, unpresented cheques, distributions, sale proceeds, commissions, royalties and the like.

Generally, enterprises that operate in NSW and hold unclaimed money as at 30 June in any year must submit the money to Revenue NSW by 31 October of that year, after having made reasonable attempts to contact the rightful owner and return the money to them.

Other thresholds and timeframes apply to specific industries such as real estate agents, law firms and trustee companies that operate trust accounts.

You can search for money held by Revenue NSW here.

Unpaid wages

Sometimes an employer owes wages to an employee who has left their business or where wages have found to be underpaid following a workplace audit.

Where the employee can’t be contacted, the unpaid wages are generally held by the Fair Work Ombudsman and can be searched for here.

Superannuation

Superannuation funds that cannot locate beneficiaries of superannuation monies place the details on the Superannuation Lost Members Register, which can be searched through the MyGov portal via Australian Taxation Office’s website here.

Banks and life insurers

Banks, credit unions and life insurance companies also have unclaimed money issues where a bank account is inactive (has no deposits or withdrawals) for 7 years or where the proceeds of a life insurance policy is unclaimed for 7 years after the policy matures.

Where they can’t locate an owner of funds held, they must lodge their unclaimed monies with the Australian Securities & Investments Commission.

Unclaimed money received by ASIC is transferred to the Commonwealth of Australia Consolidated Revenue Fund and it is available to be claimed at any time by the rightful owner and there is no time limit on claims. ASIC’s unclaimed money search is located at ASIC’s MoneySmart website here.

FURTHER INFORMATION

For further information in relation to unclaimed money or any business related legal issues, please contact McKillop Legal on (02) 9521 2455 or email help@mckilloplegal.com.au 

This information is general only and is not a substitute for proper legal advice. Please contact McKillop Legal to discuss your needs.

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Lost luggage? What are your rights?

For damaged or lost luggage, where your travel is wholly within Australia with no international sectors, airlines are liable to compensate you under the Civil Aviation (Carriers’ Liability) Act 1959 (Cth) (limited to a maximum of $3,000 for registered (checked) baggage and $300 for unchecked baggage).

For those travelling internationally, the rights of passengers for most airlines (carriers) are governed by the Montreal Convention, 1999 (Montreal Convention).

For the Montreal Convention to apply, both the country of departure and country of final destination must both be members. There are 136 countries that are parties.

The Warsaw Convention will generally apply where the Montreal Convention does not, but it is considered less favourable to passengers, especially when it comes to compensation and is based on a $/Kg calculation. This article assumes the Montreal Convention will apply.

Article 17 of the Montreal Convention provides:

“The carrier is liable for damage sustained in case of destruction or loss of, or of damage to, checked baggage upon condition only that the event which caused the destruction, loss or damage took place on board the aircraft or during any period within which the checked baggage was in the charge of the carrier…”

Article 22 of the Montreal Convention states:

“In the carriage of baggage, the liability of the carrier in the case of destruction, loss, damage or delay is limited to 1,000* Special Drawing Rights for each passenger unless the passenger has made, at the time when the checked baggage was handed over to the carrier, a special declaration of interest in delivery at destination and has paid a supplementary sum if the case so requires. In that case the carrier will be liable to pay a sum not exceeding the declared sum, unless it proves that the sum is greater than the passenger’s actual interest in delivery at the destination.”

* adjusted to 1,131 SDR for inflation

So if you are travelling with something worth more than liability limit, you have the option to declare a higher value for your luggage and items when you check your bags at the airport. The carrier can provide you with a higher coverage amount for a fee (as per Article 22). The carrier will be liable to pay that higher amount unless it is proved that the declared amount is greater than the actual value of your baggage.

What is a Special Drawing Right?

A Special Drawing Right (SDR) is a fluctuating index based on a basket of international currencies as determined by the International Monetary Fund.

The SDR rate (as at the date of this article) is 1 SDR : AUD$2.01, so that entitles you to a maximum compensation of $2,273, but that is a maximum only – you will usually only get the replacement value.

If you keep every receipt you ever get, this is the time for you to shine as without receipts, it is difficult to get too much compensation!

What to do if your luggage is lost or damaged

If your luggage is damaged or does not arrive, ideally do not leave the airport. Rather, you should go to the baggage claim office at the destination airport and lodge a Property Irregularity Report (PIR) with the carrier that operated your final flight. Some carriers have time limits on reporting in their conditions of carriage (the terms you agree to when getting your ticket)

Most major airlines are relatively helpful when it comes to lost or damaged luggage, but even if they aren’t and you need to enforce your rights, note that Article 29 of the Montreal Convention provides:

“In … any action for damages … punitive, exemplary or any other non-compensatory damages shall not be recoverable.”

Travel insurance

If there is a shortfall between what the carrier pays you as compensation and what the item is worth, you can lodge a claim for the difference, subject of course to the terms of your travel cover, assuming you took it out.

For those that may not know, many credit card providers offer complimentary travel insurance if you pay an amount towards the costs of the trip on your card.