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What happens to your money

What happens to my money while it is held in Court?

The Senior Master has an Investment Services team that is responsible for the day to day management and administration of your money.

Your money is invested in Common Funds. There are two types of Common Fund for clients:

Common Fund No. 2 (CF-2)
Common Fund No. 3 (CF-3)

Only clients of the Court have their money in these funds. More details about these accounts are available on the Common funds page.

Common Fund No. 2

CF-2 is similar to a bank account but is controlled by the Senior Master. The majority of your funds will be invested in CF-2. No fees or charges are directly deducted from your investment in CF-2. Your money invested in CF-2 is protected by a government guarantee.

Common Fund No. 3

CF-3 invests in a portfolio of shares listed on the Australian Stock Exchange. The portfolio consists primarily of the largest and most liquid stocks in the Australian market, often referred to as “blue chip” companies. The aim of CF-3 is to provide clients with capital growth and dividend income over the long term. There is no government guarantee for money invested in CF-3.

Usually, you will have approximately 30% of your money invested in CF-3 if:

you have more than $10,000 held by the Senior Master
the money is being held for a minimum of six years.

When does the Senior Master stop managing my money?

Most people are paid their money when they turn 18. You’ll find more information in When you turn 18.

How does my fund affect my Centrelink entitlements?

If you are a student, you need to let Centrelink know about the income made from your funds held in Court (such as interest or investment returns).

Your Client Services Officer can prepare a letter for you to give to Centrelink. They will also update Centrelink each year after your tax statement has been completed. Both are done to make sure you get paid the correct amount.

Can I get more money?

You can apply to get more money to help you recover. This money could befor things like:

counselling
medical expenses
safety-related expenses.

If you got money from the Victims of Crime Assistance Tribunal

The Victims of Crime Assistance Tribunal (VOCAT) has been replaced by the Victims of Crime Financial Assistance Scheme (FAS).

You can still apply to get more money, but you need to apply through the FAS.

You will need to ask the FAS to move your VOCAT award to the FAS. The VOCAT website has instructions on how to do this.

Once your award is with the FAS, you can apply for more money. This is called a ‘variation’. The FAS has instructions on how to apply on their website.

There is a time limit to apply for a variation.

If you were 18 years or older when you got your award, you need to apply within 6 years of the award.
If you were under 18 years old when you got your award, you need to apply before you turn 24.

If you got your money from the Victims of Crime Financial Assistance Scheme

You can apply to get more money from the FAS. This is called a ‘variation’. The FAS has instructions on how to apply on their website.