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Second Reading Speeches

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

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

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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.