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

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
43
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.

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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

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Explanatory memoranda

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Proposed amendments

House of representatives

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Senate

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Schedules of amendments

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Bills digest

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Notes

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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 changed 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.

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