Real estate agents reminded of unclaimed money deadline

• Businesses may be required to lodge unclaimed money with Queensland Public Trustee (QPT)
• Unclaimed money for 2025-26 must be lodged with QPT by 31 October 2026

Businesses that may be required to lodge unclaimed money include insurance companies, utilities companies, hospitals, universities, real estate agents, nursing homes, storage companies, share registries, pawnbrokers, solicitors, auctioneers and accountants.

Real estate agents may hold money in trust on behalf of clients for a range of regular business reasons, including where a rental property owner provides funds for property repairs or maintenance or for other property expenses such as gardening, cleaning or inspections of fire alarms and other fixtures for compliance reasons.

Other reasons for holding money in trust for a client could be where a property auction or purchase deposit or commercial lease deposit has been paid, or where holiday or short-stay accommodation guests have paid deposits.

Like all organisations obliged to lodge money with QPT, real estate agents might also find old balances or unidentified funds during an audit or system upgrade.

What is unclaimed money?

Unclaimed money is money owed to an individual, business or organisation that cannot be returned because the rightful owner cannot be located. This may be because the owner changed their name or contact details, closed a bank account, or did not claim a deposit, bond, refund or payment.

Samay Zhouand, the Public Trustee of Queensland, said reminder letters had been sent to accountants and auditors because timely lodgement by businesses of unclaimed money was essential to ensure fairness for Queenslanders.

“It’s a legal requirement to lodge unclaimed money with QPT for good reason,” he said. “The Unclaimed Moneys Fund provides a transparent and accessible way for Queenslanders to find and claim money they are owed.”

Mr Zhouand said types of unclaimed money included wages, share dividends, insurance payouts, bill overpayments, the sale proceeds of uncollected goods and belongings and unredeemed pledges against loans from pawnbrokers.

“It’s important to note, though, that the Unclaimed Moneys Fund doesn’t hold money from super funds, life insurers, banks or credit unions,” he said. “We also don’t hold unclaimed rental bonds.”

How to lodge unclaimed money

Under the Public Trustee Act 1978, QPT is responsible for managing the Unclaimed Moneys Fund on behalf of the Queensland Government.

Individuals, businesses and organisations can search QPT’s database to see if the fund holds money owing to them.

The same legislation requires businesses to lodge money with the fund once it has remained unclaimed for the relevant holding period, which is typically two years. Before lodging unclaimed money, businesses must make reasonable efforts to locate the rightful owner and return the money.

Money that remains unclaimed at 30 June in any year and has reached the required holding period must be lodged by 31 October in that year. Unclaimed money for the 2025–26 financial year must be lodged with QPT by 31 October 2026.

More information about holding periods, business obligations and the lodgement process is available on QPT’s website.

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