A WA agency holds $310 of rent owed to a former landlord it cannot locate. Under the Unclaimed Money Act 1990 process, when does the agency first report it to Treasury?
Correct Answer
A) In January, in a summary of the unclaimed money it holds
The WA trust handbook describes the Unclaimed Money Act 1990 process: in January each year agents give Treasury a summary of unclaimed money they hold; Treasury publishes a register in the second half of the year; the public has until 31 July the following year to claim; and in August agents transfer any remaining unclaimed money to Treasury.
Why This Is the Correct Answer
The yearly process starts with a summary to Treasury in January.
Why the Other Options Are Wrong
Background Knowledge for Finance Taxation
Exam Tip for Finance Taxation
Common Mistakes to Avoid on Finance Taxation Questions
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Previous Question
A WA agency has earned $4,000 in management fees held in trust. The principal wants to pay the office rent straight from the trust account using that money. What does the handbook say?
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A WA agency's printer fails, so a property manager writes a trust receipt by hand for a tenant's cash rent. What must this hand-written receipt show beyond the usual details?