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Legislative Assembly for the ACT: 1997 Week 6 Hansard (19 June) . . Page.. 1908 ..

I am pleased to present to the Legislative Assembly the Unclaimed Moneys
(Amendment) Bill 1997.

Trustees of regulated superannuation funds and approved deposit funds are required to pay the unclaimed superannuation of persons reaching pension age to the Commissioner of Taxation.

However, the relevant Commonwealth law provides that such payments should instead be made to a State or Territory if there is State or Territory legislation that requires such payment.

These amendments make provision for such a requirement.

The amendment also allows a superannuation payee who has an entitlement to unclaimed moneys and has yet to receive payment, to claim against the Government to claim that money.

In future, trustees will be required to pay the unclaimed superannuation to the ACT.

I commend the Bill to the Assembly.

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