Treasury has issued a Discussion Paper on possible changes to the treatment of unclaimed money in relation to unclaimed bank accounts, unclaimed life insurance money, unclaimed first home saver accounts, lost superannuation and unclaimed company moneys.
Changes on which feedback is sought include:
- increasing the required period of inactivity from three years to five or seven years
- should foreign currency accounts be exempt from the unclaimed moneys provisions
- should the current arrangements for public disclosure of details of unclaimed bank accounts and life insurance moneys continue
- should TFNs be able to be shared between ADIs and ASIC/the ATO to more efficiently reunite individuals with the unclaimed moneys.