The Government’s Mid-Year Economic and Fiscal Outlook contains an announcement that it has reduced the period of time that banks and other deposit taking and life insurance institutions hold unclaimed moneys from seven to three years.

Statements for each year up to and including 31 December must be submitted to ASIC (together with a cheque for the unclaimed moneys) by 31 March each year.

The change is expected to increase Government receipts by $300 million in 2012-13.

The change will have a significant impact on ADI procedures and software.

ASIC’s current unclaimed money procedure is summarised here.