Australian government can and will seize bank accounts if they are inactive for three years

Swanie and Julia are getting desperate. This is a low blow to aussie family's saving for a rainy day.
The Australian government is on track to hand down a $15 billion budget deficit, after promising over and over again a surplus.... These clowns have really stuffed it up!
If a surplus was unrealistic, they should of just bloody said so.

Another article form financial review

www.afr.com...

Swanie and Julia are getting desperate. This is a low blow to aussie family's saving for a rainy day.
The Australian government is on track to hand down a $15 billion budget deficit, after promising over and over again a surplus.... These clowns have really stuffed it up!
If a surplus was unrealistic, they should of just bloody said so.

Another article form financial review

www.afr.com...

*** sorry not sure how double post happened. How do I delete the duplicate?****

reply to post by NuclearPaul


Not likely.

What the MSM isn't telling you is the when the money is taken, the bank has to provide whatever details they have of each particular account holder to the government so that it can be added to a public database of "lost funds"

I thought ATS was meant to question the main stream. not lap it up...

Let me put it another way, say you had $1000 in an account that you forgot all about and left it for 7 years, only for the government to take it.

Over those 7 years you're paying bank fees and interest, to be fair lets say the fees and interest add up to $5 per month...this means that after 7 years you are down $420. Nearly half of what you had.

With 3 years you're down $180.

Doesn't sound so terrible now does it?

Originally posted by Chadwickus
reply to post by NuclearPaul

 

Not likely.

You've got more faith in political grubs of all persuasions than anyone I've spoken to in 2 years.
What , you going to tell me that they're just here to help ?

Originally posted by Chadwickus

What the MSM isn't telling you is the when the money is taken, the bank has to provide whatever details they have of each particular account holder to the government so that it can be added to a public database of "lost funds"

What Chadwickus isn't telling us is how hard it is to get those funds back.

Try getting back superannuation if you did NOT complete the option to supply your Tax File Number .
Try getting back an unclaimed bank account as next of kin.

Originally posted by Chadwickus

Let me put it another way, say you had $1000 in an account that you forgot all about and left it for 7 years, only for the government to take it.

Try your figures on an account like this Chadwickus

-------------------------------------------------------------

ANZ Ready Saver is a simple account that gives you ready access to your money.
Ready Saver provides you with:

a higher interest rate as your savings grow
the ability to set aside money for upcoming expenses, and still earn interest
flexibility to access your money anytime you need.
Interest
Interest is calculated daily and credited on the last business day of the month.

Fees
Monthly account fee ---- $2.00 (waived if your average daily balance for the month is over $500)
Automated and manual deposit fee --- Nil
Automated and manual withdrawal fee --- $1.00

-------------------------------------------------------------

All Aussie institutions have similar packages.
WestPac has a really good package for over 50's

Originally posted by Chadwickus

Doesn't sound so terrible now does it?

LoL

This is a cash grab .. Australia is in deep sh*t.


And smart people question everthing,particularly scummy governments.

Originally posted by Chadwickus
reply to post by NuclearPaul

 

Not likely.

What the MSM isn't telling you is the when the money is taken, the bank has to provide whatever details they have of each particular account holder to the government so that it can be added to a public database of "lost funds"

I thought ATS was meant to question the main stream. not lap it up...

Let me put it another way, say you had $1000 in an account that you forgot all about and left it for 7 years, only for the government to take it.

Over those 7 years you're paying bank fees and interest, to be fair lets say the fees and interest add up to $5 per month...this means that after 7 years you are down $420. Nearly half of what you had.

With 3 years you're down $180.

Doesn't sound so terrible now does it?

I am dissapointed in you Chadwickus, I thought you were smarter than this.

This is a cash grab, plain and simple. The government is looking for ways to increase their revenue and there is no other justification for this action. As another poster has stated, first it was 7 years now it is 3 years, what's next?

Words like 'sieze' instead of 'steal' make it sound official but their actions speak louder than words. The MSM stops short of speaking plainly about this issue.

Originally posted by my1percent
Now someone told me that Ned Kelly rode a horse when he robbed people.:lol
He didn't walk on two feet.1%

Yeah , on a stolen horse tho. haha

Such is life

What if it's an investment/interesting gaining account that you made one large deposit to and haven't touched?

calif has been doing this for 30+ years
sco.ca.gov...
www.fatwallet.com...

reply to post by ANNED


Yes, so in a way we are catching up, yuk. I think Aussies are generally annoyed, ( that's soft lol).
What is given with one hand is taken with another.
It's sort of like pokeing a stick at a sleeping tiger to see how he's going.... . For wan't of better expression.
Just my 2 cents 1%

this could be one of the reasons that the Australian Government were eager to get rid of the cash in a pay envelopes and have everyone have a bank account, so for the last 10 years or so their pay now gets deposited directly by the employer.

this is just so wrong

Love and harmony
Whateva

reply to post by pointr97


just skip ahead every 2 years and make a small depost lol

Can somebody please explain to me how such a ridiculous piece of legislation was passed?

Even though I am not fortunate enough to have a term deposit at present, I can imagine how frustrating such a change could be for those that do.

This is shameless theft...

reply to post by DevilsApprentice

Originally posted by DevilsApprentice

Originally posted by amraks
The government is broke and now wants your idle bank accounts.

Isn't there a way to stop this? why would they put this in the news if they didn't want us to appeal this.

Are they just rubbing the salt in our wounds slowly.

Sure there are ways to stop it ,, not going to happen though.

Fact is that australians wear diapers and carry white feathers.Posting on msm blogs and ATS is all the protest you'll see from the cowards down under.

The left and the right have got them exactly where they want 'em,, huddled in dark corners scared to speak out.

Australia

,, what a joke.

And what country are you from? Tell me so I can belittle and stereotype your people like you have done.

You know nothing of my country, nor do the fools that starred you. Why don't you just stay on ATS with a white diaper buddy.. your words not mine. You know nothing.

Australia is one of the best countries in the world. Some of the most desirable places in the world are in Oz. You're probably from some country founded on war anyways. Regardless if we're allies with your country or not, your attitude sounds identical to those in power.

We avoided a recession like your country probably didn't. Don't bash Australia, we've done nothing to you, some people here are fantastic and the way of life is welcoming, even to people like you...

You have contempt and lack of respect and knowledge. And again, you know nothing.

I call BS on this.. Section 51(xxxi) of the Australian Constitution - Acquisition of property on just terms.. IE the commonwealth can seize property, but it must be on just terms and be supported by another head of power.


en.wikipedia.org...(xxxi)_of_the_Constitution_of_Australia

Edit

okay... AFR is semi legit, but still, I smell a High Court challenge, it will be struck down.


edit - does anyone know what Act was amended?


Edit:

there's nothing that fits the description on www.comlaw.gov.au...



EDIT: My bad! www.comlaw.gov.au...


Okay, so its the 'Treasury Legislation Amendment (Unclaimed Money and Other Measures) Act 2012'; The power already existed. What the amendment has done is change the definition of 'unclaimed money' to an account that hasn't been touched in 3 years, instead of 7 years as it used to be.

A number of other acts make provision for it, eg banking act 1959 and superannuation act, first home owners act and a number of others..

6 Subsections 1341(1) and (2)
Repeal the subsections, substitute:
(1) If:
(a) unclaimed property is or was held by ASIC; and
(b) the unclaimed property is an amount of money; and
(c) a person claims to be entitled to that amount; and
(d) ASIC is satisfied that the person is entitled to that amount;
ASIC must:
(e) pay the person an amount equal to that amount; and
(f) do so out of money appropriated by the Parliament for the purposes of this section.
(2) If:
(a) ASIC has, under subsection 1339(2), sold or disposed of unclaimed property; and
(b) the amount of the proceeds is or was held by ASIC; and
(c) a person claims to be entitled to that amount; and
(d) ASIC is satisfied that the person is entitled to that amount;
ASIC must:
(e) pay the person an amount equal to that amount; and
(f) do so out of money appropriated by the Parliament for the purposes of this section.
....

Thus you can get your money back... I'm sure the purpose is to increase commonwealth equity.. However they will have a website where you can go and type your name in to see if there is any money owed to you.. its quite good if you have old super accounts or bank accounts you have forgotten about...

Aussies, you should try it if you have had a few jobs in the last few years and have had different super accounts set up..... you might get a nice surprise.

Here is the web site: australia.gov.au...

reply to post by ConspiracyNutjob


A lot of banks in the USA can do it for only 1 year of inactivity. 3 years doesn't seem that bad IMO.

reply to post by ConspiracyNutjob


Not only have they overstepped the mark, it's basically theft. They have no right to take public money that doesn't belong to them.

The simple answer people, don't use bank accounts...the bankers are not going to thank the Aussie Gov for this move, they will lose business hand over fist.

Or if you feel you have to have a bank account, have two accounts, set up a direct debit from one account to the other and the same with the other account every 2.9 years of a nominal amount, say $5 or $10 and then, the account will have activity and the contents can't be stolen by the government.

Originally posted by ChuckNasty
reply to post by ConspiracyNutjob

 

A lot of banks in the USA can do it for only 1 year of inactivity. 3 years doesn't seem that bad IMO.

Surely you are telling porkies?

If you are telling the truth then people would be stupid to deposit any money in those banks.

reply to post by ConspiracyNutjob


Its in the fine print and is almost normal business. Just like the creditcard vs debit card fine print...if your credit card gets stolen, you are responsible for about 50bucks of any fraudulent charge....with a debit card, you are responsible for about 500 bucks per fraudulent charge. Well with my banks and credit unions anyways. USA branches of course.

Edit: inactivity was zero contact with the bank. If you called in to check your balance counted as activity. I didn't read your entire Australian law to see if contact was considered activity.

Originally posted by yoursteppingonmytoes

And what country are you from? Tell me so I can belittle and stereotype your people like you have done.

LoL , I'm Australian, and it's a safe bet that I've been here longer than you sunshine.

So rant away me hearty, and while your at it, think about this.

There's nothing left for our Federal and State governments to sell except our dirt.It's all gone,our public assets has been privatized and this grab for cash (and the Super grab) are a once only option.The only way left to keep the SS Titanic Australis afloat is increased taxation and/or increases in energy/water prices.Those holes in the ground that everyone seems to think will keep our sorry backsides afloat will soon be a liability.

What do you think will happen when China decides they don't need us any more? What happens when the currency wars ( the ones we're not officially having ) really kick in ? .. You,my little pre-schooler,are sunk,and maybe then aussies will turn off the footie,put down the beer and march to Canberra.

There's a nice chart over at ZH that Aussies should take a long hard look at.

Me ? .. I'll just sit back and laugh and look at the nice new passport I got a while back.

Adios Hombre