14 March 2013

Government grab for "lazy" bank and super account balances

The government has rushed through legislation to take over bank and superannuation account balances where there has not been a transaction for as short a period as one year.

Westpac seems to be warning customers about this and we assume the other banks and financial institutions will follow suit.  However it is worth reading the attached article and taking preventative action if you have accounts which could be impacted.

Note that you can check for "lost' super balances using a facility called "Superseeker" - see the following link.

Please contact our office if you would like to discuss or require assistance.

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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.

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