The Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012 was introduced into the House of Reps on Tues 30.10.2012. The Bill gives effect to the unclaimed moneys proposals announced in the 2012-13 Mid-Year Economic and Fiscal Outlook (MYEFO).
The Bill proposes to make amendments to the Banking Act 1959, First Home Saver Accounts Act 2008, Life Insurance Act 1995, Superannuation (Unclaimed Money and Lost Members) Act 1999, Australian Securities and Investments Commission Act 2001, and Corporations Act 2001, to bring forward the time at which money is recognised under the relevant law as lost or unclaimed. The Bill will also provide for the payment of interest on unclaimed moneys paid.
DATE OF EFFECT: The amendments will commence the day after Royal Assent.
[LTN 211, 31/10]