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
30 Oct 2012Introduced and read a first time
30 Oct 2012Second reading moved
31 Oct 2012Second reading debate
26 Nov 2012Referred to Federation Chamber
26 Nov 2012Second reading debate
26 Nov 2012Reported from Federation Chamber
26 Nov 2012Second reading debate
27 Nov 2012Second reading debate
27 Nov 2012Second reading agreed to
27 Nov 2012Consideration in detail debate

Amendment details: 7 Government agreed to
27 Nov 2012Third reading agreed to
Senate
28 Nov 2012Introduced and read a first time
28 Nov 2012Second reading moved
29 Nov 2012Second reading debate
29 Nov 2012Second reading agreed to
29 Nov 2012Third reading agreed to


29 Nov 2012Text of bill as passed both Houses
04 Dec 2012Assent

Act no.: 176

Year: 2012

Documents and transcripts

Text of bill

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Explanatory memoranda

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Transcript of speeches

Proposed amendments

Senate
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House of Representatives
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Schedules of amendments

No documents at present

Committee Information

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Bills Digest PDF Format

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 theĀ 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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