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Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

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


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

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 of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 30/10/12  
Second reading moved 30/10/12  
Second reading debate 31/10/12  
Referred to Federation Chamber 26/11/12  
Second reading debate 26/11/12  
Reported from Federation Chamber 26/11/12  
Second reading debate 26/11/12  
Second reading debate 27/11/12  
Second reading agreed to 27/11/12  
Consideration in detail debate 27/11/12 Amendment details: 7 Government agreed to
Third reading agreed to 27/11/12  
     
Senate
Introduced and read a first time 28/11/12  
Second reading moved 28/11/12  
Second reading debate 29/11/12  
Second reading agreed to 29/11/12  
Third reading agreed to 29/11/12  
     
Text of bill as passed both Houses 29/11/12  
Assent 04/12/12 Act no.: 176 of 2012
     

Text of bill

  • First reading

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  • Third reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

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  • Supplementary explanatory memorandum

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  • Revised explanatory memorandum

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Second reading speeches


Proposed amendments

House of Representatives
  • Government [Sheet BL286]

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  • Non-Government
HOCKEY, Joe, MP

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Senate
  • Opposition [sheet 7321]
CORMANN, Sen Mathias

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Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (01/11/2012): Senate Economics Legislation Committee; Committee report (19/11/2012)
  • Access information for House of Representatives and Senate committees
  • An electronic version of this Act is available in ComLaw ( www.comlaw.gov.au )