2010-2011-2012-2013 

 

The Parliament of the 

Commonwealth of Australia 

 

HOUSE OF REPRESENTATIVES 

 

 

 

 

Presented and read a first time 

 

 

 

 

 

 

 

 

 

Banking Amendment (Unclaimed 

Money) Bill 2013 

 

No.      , 2013 

 

(Treasury) 

 

 

 

A Bill for an Act to amend the Banking Act 1959, 

and for related purposes 

   

   

 

 

i       Banking Amendment (Unclaimed Money) Bill 2013       No.      , 2013 

Contents 

1 

Short title ........................................................................................... 1

 

2 

Commencement ................................................................................. 1

 

3 

Schedule(s) ........................................................................................ 2

 

Schedule 1--Banking Act 1959

 

3

 

Part 1--Amendments

 

3

 

Part 2--Application, transitional and savings provisions

 

5

 

 

 

 

Banking Amendment (Unclaimed Money) Bill 2013       No.      , 2013       1 

A Bill for an Act to amend the Banking Act 1959, 

1 

and for related purposes 

2 

The Parliament of Australia enacts: 

3 

1  Short title 

4 

 

  This Act may be cited as the Banking Amendment (Unclaimed 

5 

Money) Act 2013. 

6 

2  Commencement 

7 

 

(1)  Each provision of this Act specified in column 1 of the table 

8 

commences, or is taken to have commenced, in accordance with 

9 

column 2 of the table. Any other statement in column 2 has effect 

10 

according to its terms. 

11 

 

12 

   

   

 

 

2            Banking Amendment (Unclaimed Money) Bill 2013       No.      , 2013 

Commencement information 

Column 1 

Column 2 

Column 3 

Provision(s) 

Commencement 

Date/Details 

1.  Sections 1 to 3 

and anything in 

this Act not 

elsewhere covered 

by this table 

The day this Act receives the Royal Assent. 

 

2.  Schedule 1 

The later of: 

(a) the start of the day after this Act receives 

the Royal Assent; and 

(b) immediately after the commencement of 

item 1 of Schedule 1 to the Treasury 

Legislation Amendment (Unclaimed 

Money and Other Measures) Act 2012. 

 

Note:  

This table relates only to the provisions of this Act as originally 

1 

enacted. It will not be amended to deal with any later amendments of 

2 

this Act. 

3 

 

(2)  Any information in column 3 of the table is not part of this Act. 

4 

Information may be inserted in this column, or information in it 

5 

may be edited, in any published version of this Act. 

6 

3  Schedule(s) 

7 

 

  Each Act that is specified in a Schedule to this Act is amended or 

8 

repealed as set out in the applicable items in the Schedule 

9 

concerned, and any other item in a Schedule to this Act has effect 

10 

according to its terms. 

11 

Banking Act 1959  Schedule 1 

Amendments  Part 1 

 

 

Banking Amendment (Unclaimed Money) Bill 2013       No.      , 2013            3 

Schedule 1

--

Banking Act 1959 

1 

Part 1

--

Amendments 

2 

1  Subsection 69(2) 

3 

Omit "subsections (1) and (1A)", substitute "this section". 

4 

2  Subsection 69(3) 

5 

Repeal the subsection, substitute: 

6 

 

(3)  An ADI must, within 3 months after the 31 December in each year, 

7 

deliver to the Treasurer a statement, complying with subsection (4) 

8 

and any regulations under subsection (3A), of all sums of 

9 

unclaimed moneys of not less than $100 (or such other amount as 

10 

is prescribed) as at the end of the year, other than unclaimed 

11 

moneys: 

12 

 

(a)  held in RSAs (within the meaning of the Retirement Savings 

13 

Accounts Act 1997); or 

14 

 

(b)  held in FHSAs (within the meaning of the First Home Saver 

15 

Accounts Act 2008); or 

16 

 

(c)  held in accounts with the ADI that are operated on either by 

17 

deposit or withdrawal between the end of the year and the 

18 

day the statement is delivered to the Treasurer. 

19 

Note: 

The First Home Saver Accounts Act 2008 deals with unclaimed 

20 

money held in FHSAs. 

21 

3  Paragraph 69(4)(b) 

22 

Omit "due", substitute "required to be paid under subsection (5)". 

23 

4  Subsection 69(5) 

24 

Repeal the subsection, substitute: 

25 

 

(5)  The ADI must, at the time of the delivery of the statement, pay the 

26 

Commonwealth an amount equal to the total of all sums of 

27 

unclaimed moneys covered by subsection (3) in relation to the 

28 

ADI, as at the end of the year. 

29 

5  Paragraph 69(5A)(a) 

30 

Omit "specified in the statement, as". 

31 

Schedule 1  Banking Act 1959 

Part 1  Amendments 

 

 

4            Banking Amendment (Unclaimed Money) Bill 2013       No.      , 2013 

6  After subsection 69(7A) 

1 

Insert: 

2 

 

(7B)  If an ADI satisfies the Treasurer that an amount paid by the ADI 

3 

under subsection (5) exceeds the amount that should have been 

4 

paid under that subsection, the Treasurer must refund the amount 

5 

of the excess. 

6 

7  Subsection 69(8) 

7 

Omit "(7) and (7AA)", substitute "(7), (7AA) and (7B)". 

8 

Banking Act 1959  Schedule 1 

Application, transitional and savings provisions  Part 2 

 

 

Banking Amendment (Unclaimed Money) Bill 2013       No.      , 2013            5 

Part 2

--

Application, transitional and savings 

1 

provisions 

2 

8  Application provision 

3 

(1) 

The amendments made by Part 1 of this Schedule apply in relation to 

4 

statements required to be delivered under section 69 of the Banking Act 

5 

1959 for the year ending on 31 December 2013, and future years. 

6 

(2) 

In addition, the amendments made by items 1 to 5 of this Schedule 

7 

apply, and are taken always to have applied, in relation to statements 

8 

required to be delivered under section 69 of the Banking Act 1959, as 

9 

that section has effect under subitem 8(1) of Schedule 1 to the Treasury 

10 

Legislation Amendment (Unclaimed Money and Other Measures) Act 

11 

2012. 

12 

(3) 

For the purposes of subitem (2), subsection 69(3) of the Banking Act 

13 

1959, as amended by this Schedule, has effect as if: 

14 

 

(a)  the words "as at the end of the year" were omitted; and 

15 

 

(b)  in paragraph (c) of that subsection, the words "the end of the 

16 

year" were omitted and the words "the day after the 

17 

applicable assessment day" were substituted. 

18 

Note: 

For paragraph (3)(a), subitem 8(1) of the Treasury Legislation Amendment (Unclaimed 

19 

Money and Other Measures) Act 2012 has the effect that the words "as at the end of the 

20 

applicable assessment day" were substituted instead. 

21 

9  Transitional provision

--

supplementary statement about 

22 

unclaimed moneys relating to accounts not operated 

23 

for 3 years 

24 

(1) 

This item applies if: 

25 

 

(a)  unclaimed moneys relating to a person are paid by an ADI to 

26 

the Commonwealth in connection with a statement required 

27 

to be delivered under section 69 of the Banking Act 1959, as 

28 

that section would have had effect under subitem 8(1) of 

29 

Schedule 1 to the Treasury Legislation Amendment 

30 

(Unclaimed Money and Other Measures) Act 2012; and 

31 

 

(b)  the Treasurer is satisfied that the account to which the 

32 

unclaimed moneys relate has been operated on either by 

33 

deposit or withdrawal during the period: 

34 

Schedule 1  Banking Act 1959 

Part 2  Application, transitional and savings provisions 

 

 

6            Banking Amendment (Unclaimed Money) Bill 2013       No.      , 2013 

 

(i)  starting on the day after the applicable assessment day 

1 

for the ADI referred to in subitem 8(4) of that Schedule; 

2 

and 

3 

 

(ii)  ending on the day the statement is delivered. 

4 

Note: 

Subitem 8(1) of Schedule 1 to the Treasury Legislation Amendment (Unclaimed Money 

5 

and Other Measures) Act 2012 requires an additional statement to be delivered, and 

6 

unclaimed moneys to be paid to the Commonwealth, in relation to accounts that have 

7 

not been operated for 3 years as at 30 May 2013 or a day nominated by the ADI that 

8 

falls between 31 December 2012 and 29 May 2013. 

9 

Treasurer to repay balance of account to ADI 

10 

(2) 

Upon written application from an ADI within 3 months after the 

11 

commencement of this item, the Treasurer must repay to the ADI the 

12 

unclaimed moneys that the Treasurer is satisfied represents the balance 

13 

of the person's account as at the end of the applicable assessment day 

14 

for the ADI. 

15 

Note: 

See section 28 of the Financial Management and Accountability Act 1997 

16 

(appropriation of the Consolidated Revenue Fund for the purposes of repayments by the 

17 

Commonwealth). 

18 

ADI to pay amounts to person to whom unclaimed moneys relate 

19 

(3) 

If an ADI is repaid an amount under subitem (2), the ADI must pay to 

20 

the person an amount equal to any amounts deducted from the account 

21 

in order for the ADI to pay the unclaimed moneys to the 

22 

Commonwealth as mentioned in subitem (1). 

23 

Offence 

24 

(4) 

An ADI commits an offence if: 

25 

 

(a)  the ADI is subject to a requirement under subitem (3); and 

26 

 

(b)  the ADI contravenes the requirement. 

27 

Penalty:  50 penalty units. 

28 

Delegation 

29 

(5) 

The Treasurer may, by instrument in writing, delegate any of his or her 

30 

functions or powers under this item to: 

31 

 

(a)  ASIC; or 

32 

 

(b)  a member of ASIC, or a staff member, within the meaning of 

33 

the Australian Securities and Investments Commission Act 

34 

2001. 

35 

Banking Act 1959  Schedule 1 

Application, transitional and savings provisions  Part 2 

 

 

Banking Amendment (Unclaimed Money) Bill 2013       No.      , 2013            7 

10  Savings provision

--

regulations 

1 

Regulations in force for the purposes of subsection 69(3) of the Banking 

2 

Act 1959 immediately before the commencement of this item have 

3 

effect on and after that commencement for the purposes of that 

4 

subsection as substituted by this Schedule, including as that subsection 

5 

has effect under subitem 8(2) of this Schedule. 

6