Commonwealth Numbered Regulations

BANKING SECTOR LEGISLATION AMENDMENT REGULATION 2012 (NO. 1) (SLI NO 319 OF 2012) - SCHEDULE 2

(section 4)

[1]           After Part 1

insert

Part 1A                Key concepts and other definitions

3A            Meaning of unclaimed money --specified FHSAs

         (1)   For subsection 17A(3) of the Act, the balance of an FHSA specified in this regulation and held by a person is unclaimed money in relation to the person if, and only if, the conditions specified in this regulation are satisfied.

         (2)   All FHSAs are specified.

         (3)   The conditions relating to a FHSA are that:

                (a)    either:

                          (i)    one of the requirements (a 4 year requirement ) in subparagraphs 32(1)(c)(i) to (iii) of the Act has been met; or

                         (ii)    one of the requirements (a 4 year requirement ) in subparagraphs 32A(1)(e)(i) to (iii) of the Act has been met; and

               (b)    at any time after the time the 4 year requirement is met:

                          (i)    no amount has been contributed to the FHSA for at least 3 years; and

                         (ii)    no payment has been made from the FHSA for at least 3 years.

Note    The requirements mentioned in paragraph (a) relate to actions of an FHSA holder that have occurred over at least 4 years.