MySwag.org The Off-road Camper Trailer Forum
General => General Discussion => Topic started by: Mallory Black on February 26, 2013, 05:59:50 PM
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As if grabbing so called "Lost Super" balances isn't enough, now the Govt has "rushed through" legislation to allow them to.. get this... legally claim any "inactive" bank account that hasn't had a deposit or withdrawal in 3 years.
It used to be 7 years, now they want to grab as much cash and unclaimed Super they can before the next election not doubt to fritter away... again
No due process to try and find the owner first before the grab
No simple way to re-claim the money when a hapless citizen finds out they have been robbed
SO BEFORE THE END OF MARCH:
ANY BANK ACCOUNTS THAT YOU HAVE NOT TOUCHED FOR 3 YEARS... TOUCH IT, PUT $1 IN OR TAKE $1 OUT TO GET IT OFF THE INACTIVE LIST
TRACK DOWN YOUR SUPER FUNDS AND AT LEAST GET YOUR CURRENT DETAILS PUT ON THE ACCOUNT AND "UN-LOST" THEM. (THEN SEE IF YOU CAN CONSOLIDATE THEM, IF YOU CAN'T DO THAT BY YOUR SELF GET SOME HELP) IF YOU NEED HELP THERE ARE FINANCIAL PLANNERS ON THIS FORUM WHO CAN GIVE SOME TIPS ON WHAT YOU CAN DO TO START.
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Don't blame me I didn't vote for them :)
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What an absolute load of rubbish. Why on earth would you post such tripe on here?
Oh, and stop shouting >:(
KB
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Yep, saw this on the news today. Thieving Mongrels, that is just outright theft. There are many people, myself included, who have substantial money in accounts that are just sitting awaiting retirement. It is not the governments money, it is ours. How can they be allowed to do this. >:(
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Don't blame me I didn't vote for them :)
x2
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I know a certain little red head who"s gonna be unemployed later this year!! :cheers: Phil
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Unfortunately unemployed would be the wrong terminology. Retired on substantial pay for life is more realistic.
Cheers
Evo
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What an absolute load of rubbish. Why on earth would you post such tripe on here?
Oh, and stop shouting >:(
KB
X2
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As I said, a complete load of BS.
From CHOICE Magazine, February 2013 “Unclaimed consumer money will find a safe haven sooner under recent legislation changes put through by the federal government. The amendment cuts the time in which money left untouched in bank, super and other accounts is transferred to the government from seven years to three in most categories, at which point it will be protected from fees and market fluctuations.”
If you think you have any unclaimed superannuation or unclaimed bank accounts go to https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money (https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money)
The government is not stealing any money. Rather than the banks sucking your untouched bank account dry with their fees and charges, your money is protected and secure. And no, the legislation was not rushed through because an election has been called. Plus if you care to read the policy, the banks have to go through a rather thorough process before transferring your untouched bank account to the government.
But hey, don't let the facts get in the way of a good redneck political scaremongering argument.
KB
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I really don't think this is the correct "forum" to be having this discussion. I can see it going further off the rails than it already has very quickly.
Politics. Religion. Sex.
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I really don't think this is the correct "forum" to be having this discussion. I can see it going further off the rails than it already has very quickly.
Politics. Religion. Sex.
You forgot to add "and anything in the electrical section" ;D
Dave
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Well done KB. Nice informed input.
Unfortunately, we seem to be looking at frying pan and fire scenario later this year.
I think we will lose whichever way we go.
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I really don't think this is the correct "forum" to be having this discussion. I can see it going further off the rails than it already has very quickly.
Politics. Religion. Sex.
And how is this thread different to dozens of other topics raised on here? If the mods allow it and others add to it why put a negative spin on it? Why not just ignore it and read something else? Personally I feel there are heaps of topics raised that could be discussed anywhere but a camping orientated internet forum, however I suspect on many occasions the topics raised are as much about people who know each other connecting and sharing as it is about the actual discussion topic (no factual data to back this up other than a sneaking suspicion based on the humour & banter evident in many of these non camping related threads)
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Agreed to all above and fair comment... I had a rush of blood..... no caps lock this time... however...
I have not actually seen the process to re-claim cash that was taken from a bank account but this will catch a lot of bank account holders who have money in accounts that pay good interest as long as there have been no withdrawals. So my opinion, and you can't change it, is that this has not been thoroughly thought through. Yes you can redeem your money but have a look at the process the you will endure to get it back, it stinks of a grab. Next phase of the govt agenda is have a time limit on the money they are holding and then it's permanently theirs. you're dreaming if you think that's not what they are planning
Supers - Many low balance super accounts are mostly cash or defensive and do quite well in the current economic climate.
Low super balances in the majority of funds get member protection, fees are rebated back to the member's account. I agree that not all members get this help, most cases it depends on how the account works and the balance at the time contributions stopped going in.
The form that the ATO wants filled out for a lost super member to re-claim their super is way more complicated than the super rollover form that the ATO themselves designed for a member to roll from one super to the other. why?
I see a lot of people look at the form, decide it's too hard and be forced to let it go because they will have to pay for advice to get it fixed up, and it's not worth it and eventually the gov will keep the money.
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We have had bank accounts go backwards into the negative due to fees. Why?
Super funds fees can be as bad.
Something needs to be done and it may take many attemps to fix by various governments of any leaning. Stuff the money grabbers who want a cut (or more) of your money.
How can someone be removed from a CEO position but still be given a $50M payout?
Parasites abound.
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Why would you have a bank account you havent used in more than 12 mths tops?
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Bank Accounts:- that have no activity are known as 'Dormant Accounts'. They're classified as such when there is no activity for a defined periods of time, AND, when the bank is unable to contact you on the details you provided.
Lost Superannuation:- is easily consolidated for a nominal fee by most Financial Planners.
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I have not actually seen the process to re-claim cash that was taken from a bank account but this will catch a lot of bank account holders who have money in accounts that pay good interest as long as there have been no withdrawals. So my opinion, and you can't change it, is that this has not been thoroughly thought through. Yes you can redeem your money but have a look at the process the you will endure to get it back, it stinks of a grab. Next phase of the govt agenda is have a time limit on the money they are holding and then it's permanently theirs. you're dreaming if you think that's not what they are planning
Mate, just want to educate you a bit. This amendment would not have been initiated by any political party. It would have been an administrative amendment initiated by public servants due to issues/concerns/complaints with the administration of unclaimed monies. Sure, like all legislation, it had to pass through parliament, but without looking at Hansard, I'm guessing it would not have even raised an eyebrow and was probably passed in the wee hours of the morning. The amendment process involved a Senate Committee which called for public submissions so again I'm guessing it would have been thoroughly debated prior to hitting the floor of parliament and more than likely took months or even years to get to parliament. There is no conspiracy here ;D
I have not actually seen the process to re-claim cash that was taken from a bank account but this will catch a lot of bank account holders who have money in accounts that pay good interest as
The form that the ATO wants filled out for a lost super member to re-claim their super is way more complicated than the super rollover form that the ATO themselves designed for a member to roll from one super to the other. why?
I see a lot of people look at the form, decide it's too hard and be forced to let it go because they will have to pay for advice to get it fixed up, and it's not worth it and eventually the gov will keep the money.
This will not catch anybody out. The processes the banks must follow ensures this. The money is only transferred to the government when all attempts at contacting the account holder has failed. This is about people who have forgotten about money in their bank or super and have moved or changed names (normally through marriage/divorce). It is not about people who have a nest egg sitting there collecting interest. If it is transferred to the government, ASIC and the ATO run the account holders name through their data bases and try to contact the person/s concerned. But there are lots of money still not claimed.
The form is pretty simple to complete. There are videos and guides on the link I gave to assist. If you are still having problems, give their help line a call - ASIC's Infoline on 1300 300 630. The government does not have any hidden agenda, it wants to give your money back and will do everything it can to help you. Better for you to be spending your money than getting a pension or whatever from the government. Again, there are no conspiracies here ;D
And please do not be tempted to pay anybody to recover your money. You would be surprised how many scammers are out there in this field of deceit. The ASIC service is completely free.
And no, I am not affiliated with any political party nor do I work for the ATO or ASIC. In the interests of full disclosure, I am a state government employee.
KB
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very good reply KB, thanks
I like the Moneysmart site, use it myself from time to time and no issues with the public servants working in that area.
I do have a big problem with how politicians are eyeing off these assets. It's what they are not saying that is the worry.
The point I want to get across is, if anyone who opened this does in fact think they have a bank account or super that might be at risk of transferring, now's the time to get up and take some action and locate it and make sure they either have details updated or transfer the money out. it was intended for them to get their attention.. you saw through it ;D cheers!:cup:
I'm also not politically afilliated with any party, I do work for a bank but not in banking! :angel:
My job - is researching super funds and compling reports on them for members. all kinds of super funds, lots and lots of reports, over 1,000 in the last 6 months to give you an idea. it's definitely harder to get funds rolled out of the ATO than a regular super fund
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Why would you have a bank account you havent used in more than 12 mths tops?
Such things as school accounts when you have left school and have not needed to access the account.
Accounts set aside for special circumstances. Bound to be others.
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We have had bank accounts go backwards into the negative due to fees. Why?
Maybe a bad choice and not enough homework, or no preventative maintenance.?
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Such things as school accounts when you have left school and have not needed to access the account.
so you wouldnt close them?
I still dont get it..
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so you wouldnt close them?
I still dont get it..
Perhaps an example: wife had a part time job which paid miniscule super. When she finished there was about $200 in it (late 90's for a twice a week job). Ceased work to start university which was a 4yr course. Can't touch the money, nothing to roll it over into and not earning any $ to add to it.
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Mate, just want to educate you a bit. This amendment would not have been initiated by any political party. It would have been an administrative amendment initiated by public servants due to issues/concerns/complaints with the administration of unclaimed monies. Sure, like all legislation, it had to pass through parliament, but without looking at Hansard, I'm guessing it would not have even raised an eyebrow and was probably passed in the wee hours of the morning. The amendment process involved a Senate Committee which called for public submissions so again I'm guessing it would have been thoroughly debated prior to hitting the floor of parliament and more than likely took months or even years to get to parliament. There is no conspiracy here ;D
This will not catch anybody out. The processes the banks must follow ensures this. The money is only transferred to the government when all attempts at contacting the account holder has failed. This is about people who have forgotten about money in their bank or super and have moved or changed names (normally through marriage/divorce). It is not about people who have a nest egg sitting there collecting interest. If it is transferred to the government, ASIC and the ATO run the account holders name through their data bases and try to contact the person/s concerned. But there are lots of money still not claimed.
The form is pretty simple to complete. There are videos and guides on the link I gave to assist. If you are still having problems, give their help line a call - ASIC's Infoline on 1300 300 630. The government does not have any hidden agenda, it wants to give your money back and will do everything it can to help you. Better for you to be spending your money than getting a pension or whatever from the government. Again, there are no conspiracies here ;D
And please do not be tempted to pay anybody to recover your money. You would be surprised how many scammers are out there in this field of deceit. The ASIC service is completely free.
And no, I am not affiliated with any political party nor do I work for the ATO or ASIC. In the interests of full disclosure, I am a state government employee.
KB
At least your honest enough KB to "show your hand" :cheers:
Scott
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Maybe a bad choice and not enough homework, or no preventative maintenance.?
I don't think it would be the first two :-)
Sometimes accounts setup for special circumstances can be forgotten. We have two untouched accounts at the moment (no ongoing costs incurred) with small amounts in them. Don't want to put those funds in the main account to get 'lost' or spent on something else.
Had two super funds I couldn't do anything with except roll them over into another super fund to sit idle (except for annual fees) until retirement.
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The amendment process involved a Senate Committee which called for public submissions so again I'm guessing it would have been thoroughly debated prior to hitting the floor of parliament and more than likely took months or even years to get to parliament.
Dunno mate. All the news reports I've seen mention "rushed through parliament". ???
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Dunno mate. All the news reports I've seen mention "rushed through parliament". ???
Media beat-up perhaps? IMO just another part of the 'unstable government' meme that the media has chosen to run because it sells advertising.
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the 10 most dangerous words in the English language are ‘Hi, I’m from the government and I’m here to help.’" Ronald Reagan July 28, 1988
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Dunno mate. All the news reports I've seen mention "rushed through parliament". ???
Thankfully I have a brain and don't rely on the media for my "facts".
Yes, fact, the amendment was subject to scrutiny and debate by a Senate Committee and that committee called for and considered public submissions. I also know for a fact that the Senate Committee did not accept all submissions by interested parties. This is not unusual and is mostly a case of vested interests lobbying the committee members.
My job - is researching super funds and compiling reports on them for members.
Then why didn't you start your thread advising forum members to go to the ASIC website and check for any unclaimed monies. Would have been a lot more beneficial, rational and appreciated. Instead you posted a rant which painted you as a redneck with a political axe to grind?
KB
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Thankfully I have a brain and don't rely on the media for my "facts".
But you haven't given any facts. You "guessed" some stuff happened, and assumed some other stuff, and now say others have no brains for pointing out reports say something else.
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Rant? Redneck? that's your opinion
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Rant? Redneck? that's your opinion
Correct, it is my opinion and I apologise if my opinion offended you. But the title of the thread you started "Thieving Rotten Mongrels (AKA the Government)" sort of indicated a rant then half your post was in capitals ;D
But you haven't given any facts. You "guessed" some stuff happened, and assumed some other stuff, and now say others have no brains for pointing out reports say something else.
I'm guessing you're referring to "media" reports. I rest my case. Thanks for the confirmation.
KB
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Thankfully I have a brain and don't rely on the media for my "facts".
Yes, fact, the amendment was subject to scrutiny and debate by a Senate Committee and that committee called for and considered public submissions. I also know for a fact that the Senate Committee did not accept all submissions by interested parties. This is not unusual and is mostly a case of vested interests lobbying the committee members.
Then why didn't you start your thread advising forum members to go to the ASIC website and check for any unclaimed monies. Would have been a lot more beneficial, rational and appreciated. Instead you posted a rant which painted you as a redneck with a political axe to grind?
KB
Harsh.
An "open forum" is just that, open. KB you may want to "clearly" define your position within the State Government as your opinions seem fuelled for your passion of the position you hold.
Also, alot of people (see the recent News Poles) suggest their is no trust with the Government and any suggestion that this most recent events seem like more reason not to
Scott
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KB you may want to "clearly" define your position within the State Government as your opinions seem fuelled for your passion of the position you hold.
Why? So every time someone posts a reply on this or any forum, you expect them to detail their job description, their political affiliation, their religion, who they support on the footy field, etc. I don't think so. Besides, this is a federal law not a state law so I don't really care. It doesn't effect me in any way. My sole motivation for replying was to present the facts against some unsubstantiated opinions.
KB
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Harsh.
An "open forum" is just that, open. KB you may want to "clearly" define your position within the State Government as your opinions seem fuelled for your passion of the position you hold.
Also, alot of people (see the recent News Poles) suggest their is no trust with the Government and any suggestion that this most recent events seem like more reason not to
Scott
I would've thought that it was the OP who was 'harsh'.
Why is it KB who should more clearly define anything? Seems to me he has been open from the start.
Looks to me his 'passion' is about facts regarding the process etc, nothing to do with his 'position' that I can see.
Scott, not sure that you actually finished the last sentence. Equally unsure as to what the Poles have to do with anything outside of Northern Europe.
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Tread lightly Swaggers, ice is thin under this thread. :police:
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I would've thought that it was the OP who was 'harsh'.
Why is it KB who should more clearly define anything? Seems to me he has been open from the start.
Looks to me his 'passion' is about facts regarding the process etc, nothing to do with his 'position' that I can see.
Scott, not sure that you actually finished the last sentence. Equally unsure as to what the Poles have to do with anything outside of Northern Europe.
Touche young man ! :cup: :cheers:
And I don't expect everyone to "show their hand" KB, I just thought in "good faith" it might help, clearly I was wrong.
Over and out
Scott
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yeah the capitals... oh well sorry you didn't like it, can't please everyone
so.. at the start of the thread I didn't feel it neccessary to go on about my qualifications and all the details on what to do.
as for locating lost supers here's some help.
(tip - if you have changed your name try the old name as well and if any part of your name is prone to being miss-spelt. Make sure to try the variations of that spelling or comon typo error like Mc Donald to McDonald, O'Hare to OHare are good ones)
ATO- Super Seeker (have your TFN handy for this one)
http://www.ato.gov.au/super/content.aspx?doc=/content/33301.htm (http://www.ato.gov.au/super/content.aspx?doc=/content/33301.htm)
theres a quick search link but have a go at the more detailed site that you can register yourself to (a bit of a pain to start up but worth doing)
the problem with the ATO quick search site is that it will only have supers that have been reported as "lost" by a fund.
The Govt. Moneysmart site does not have links to what we call Eligible Rollover Funds (ERF) A member's funds usually gets transferred to an ERF when they leave an employer that has a corporate or employer fund, or the balance in a particular fund starts getting low and has not seen contributions and falls outside a fund's own rules of play.
These kinds of accounts are not automatically considered "lost" and as such won't be registered with the ATO but if you have moved on from the address that's on file then a member will not know that their account has moved
Here's a few others that you can do quick searches on, if you get a hit it will say "possible match" and you can contact the fund and go through an ID test to claim the super
AusFund
https://unclaimedsuper.com.au/find-your-lost-super-2/search-now (https://unclaimedsuper.com.au/find-your-lost-super-2/search-now)
SuperTrace
http://www.supertrace.com.au/ (http://www.supertrace.com.au/)
Super Safeguard - not as big as the other two
http://www.supersafeguard.com.au/home.aspx (http://www.supersafeguard.com.au/home.aspx)
www.amp.com.au (http://www.amp.com.au)
I put this one here because they have some very big ERF's and some non-AMP supers have found their way into their ERF's
hope that helps
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Tread lightly Swaggers, ice is thin under this thread. :police:
Surprised there hasn't been nasturtiums cast at KBs brand of tug thus far... ;D
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Some excellent advice Mallory Black. I'm sure some swaggers will benefit from the links you have posted.
This has been more exciting than the electrical section and thanks for all the good natured banter. I think the thread eventually got to the point where it was actually helpful.
All good fun ;D ;D and have a nice day everybody :D
KB
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I'm guessing you're referring to "media" reports. I rest my case. Thanks for the confirmation.
What other reports would I be talking about? Why the smarmy attitude? Where's your facts? ???
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ok ok ok........group hug.
ALTOGETHER NOW ..................
(http://www.freesmileys.org/smileys/smiley-hug008.gif) (http://www.freesmileys.org/smileys.php)
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Presents an interesting issue for some commercial property owners,property leased for 5 years ,bond retained and held in a bank " trust account" as per Fair trading regulation ,account not touch as per regulation, as in reality the money is accually the tenants and only released at end of lease period if all is well with the leased property and outstanding $ owing ,no transactions can occur.And now this dumb govt is going to take the funds away and if the tenant moves on and we need to return the bond then guess what sorry no money ,you will have to wait till we battle the govt system,and sorry no interest accrued also. But thats ok as the Govt can reduce their deficiept and can say to the country it is now only $260billion in debt as they took some money from so called inactive bank accounts to prop up their accounts. I don't think it has anything to do with protecting people from loosing money to bank fees and all to do with govt debt and a need to make it look better than it is.
There is a weekend in August that i'm glad that i can't go out camping as i will have something more important to do.
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Hey Rags,
Not sure about NSW. In Qld we normally deposit the bond directly to the owner, or invest it in a term deposit on behalf of the owner, some good owners even credit the tenants with the interest, rarely would we hold a bond in a trust account, it is too cumbersome particularly as you say over a 5 year period.
Additionally in this day of unfortunately high tenant turnover I rarely accept cash as a bond. In the event of a receivership / administration position the cash bond can be demanded back where as a bank guarantee cannot
If your referring to a trust account that an agent, solicitor accountant etc may have they are generally very very active accounts with hundred of thousands or millions of dollars being processed, and the government already takes all of that interest anyway.
Cheers Nomad.
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Hey Rags,
Not sure about NSW. In Qld we normally deposit the bond directly to the owner, or invest it in a term deposit on behalf of the owner, some good owners even credit the tenants with the interest,
Cheers Nomad.
Nomad
That is what i am referring to ,held in trust in a term deposit, with the interest returned on a shared basis, but this account then becomes inactive and therefore after 3 years the govt could clear the account.
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Yeah but a term deposit is rolled over a lot more often than 3 or 5 years, simply for the reason that the owner may need to access it on short notice, so how can the account become invalid.
And the bond is not formally held in trust, that only refers to a trust account, I have owners who just dump them into there working accounts.
I can assure you that bonds are not at risk under this legislation from inactivity.
There is more risk of an owner going into receivership and spending the bond, in which case it becomes generally unrecoverable, as is with alot of credit funds when a business goes belly up.
Cheers Nomad. :cheers:
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Nomad
That is what i am referring to ,held in trust in a term deposit, with the interest returned on a shared basis, but this account then becomes inactive and therefore after 3 years the govt could clear the account.
Term deposit is just tat, a deposit for a specified period of time. If invested for a period of years it s not 'dormant'.