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
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
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
