Inland Revenue officials are seeking feedback on proposals to more efficiently administer unclaimed money.
The proposals would make it easier for people to claim money and reduce costs for unclaimed money holders.
Proposed changes set out in a tax policy consultation document, Unclaimed money, include:
- removing the need to maintain physical registers;
- reducing the period of time before money is deemed unclaimed; and
- improving Inland Revenue’s ability to match unclaimed money with people.
Submissions closed on 28 February 2020.