The Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012 has been introduced into the House of Representatives.

If passed, the Bill will amend 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 give effect to the unclaimed moneys measures announced in the 2012-13 Mid-Year Economic and Fiscal Outlook (discussed here).

The Bill will bring forward the time at which money is recognised under the relevant law as lost or unclaimed.

Amounts held by ADIs (other than in RSAs or FHSAs) will become unclaimed moneys three years after the last deposit or withdrawal (other than fees or interest), instead of seven years.

As a transitional measure, the Bill extends the deadline to 30 April 2013 for ADIs to report on, and transfer to the Commonwealth, unclaimed moneys as at 31 December 2012.

According to the Australian Financial Review, the independent MHR’s are seeking more information on the measures.

UPDATE 2 November: The Senate Economics Legislation Committee has a new inquiry into the Bill.