Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012

Summary

Amends the: Banking Act 1959, First Home Saver Accounts Act 2008 and Life Insurance Act 1995 to: reduce to three years the period before amounts held by authorised deposit-taking institutions, first home saver account providers and life insurance companies are treated as unclaimed moneys; and provide for the payment of interest on unclaimed moneys claimed after 1 July 2013; Superannuation (Unclaimed Money and Lost Members) Act 1999 to: increase to $2000 the balance threshold below which small lost accounts are required to be transferred to the Commissioner of Taxation; decrease to 12 months the period of inactivity before inactive accounts of unidentifiable members are required to be transferred to the commissioner; and provide for the payment of interest on all unclaimed superannuation moneys claimed after 1 July 2013; Australian Securities and Investments Commission Act 2001 to close the Companies and Unclaimed Moneys Special Account; and Corporations Act 2001 to: establish a new process for the receipt and payment of unclaimed property; and provide for the payment of interest on unclaimed property claimed after 1 July 2013.

Progress

House of Representatives
Introduced and read a first time	30 Oct 2012
Second reading moved	30 Oct 2012
Second reading debate	31 Oct 2012
Referred to Federation Chamber	26 Nov 2012
Second reading debate	26 Nov 2012
Reported from Federation Chamber	26 Nov 2012
Second reading debate	26 Nov 2012
Second reading debate	27 Nov 2012
Second reading agreed to	27 Nov 2012
Consideration in detail debate Amendment details: 7 Government agreed to	27 Nov 2012
Third reading agreed to	27 Nov 2012

Senate
Introduced and read a first time	28 Nov 2012
Second reading moved	28 Nov 2012
Second reading debate	29 Nov 2012
Second reading agreed to	29 Nov 2012
Third reading agreed to	29 Nov 2012


Text of bill as passed both Houses	29 Nov 2012
Assent Act no.: 176 Year: 2012	04 Dec 2012

Documents and transcripts

Text of bill

First reading

Third reading

As passed by both Houses

Explanatory memoranda

Explanatory memorandum

Revised explanatory memorandum

Supplementary explanatory memorandum

Transcript of speeches

Proposed amendments

House of representatives

Government [Sheet BL286]

Non-Government
HOCKEY, Joe, MP

Senate

Opposition [sheet 7321]
CORMANN, Sen Mathias

Schedules of amendments

No documents at present

Bills digest

Bills Digest

Notes

Referred to Committee (01/11/2012): Senate Economics Legislation Committee; Committee report (19/11/2012)
An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)

Helpful information

Text of bill

First reading: Text of the bill as introduced into the Parliament
Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.