Banking Amendment (Unclaimed Money) Act 2013 (90 of 2013)

Schedule 1   Banking Act 1959

Part 1   Amendments

2   Subsection 69(3)

Repeal the subsection, substitute:

(3) An ADI must, within 3 months after the 31 December in each year, deliver to the Treasurer a statement, complying with subsection (4) and any regulations under subsection (3A), of all sums of unclaimed moneys of not less than $100 (or such other amount as is prescribed) as at the end of the year, other than unclaimed moneys:

(a) held in RSAs (within the meaning of the Retirement Savings Accounts Act 1997); or

(b) held in FHSAs (within the meaning of the First Home Saver Accounts Act 2008); or

(c) held in accounts with the ADI that are operated on either by deposit or withdrawal between the end of the year and the day the statement is delivered to the Treasurer.

Note: The First Home Saver Accounts Act 2008 deals with unclaimed money held in FHSAs.