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Legislative Assembly for the ACT: 1998 Week 1 Hansard (28 April) . . Page.. 106 ..

MS CARNELL (continuing):

States and is in accordance with the requirements of the abovementioned Commonwealth legislation. The second amendment establishes that the registered office of a superannuation fund is the basis for defining the jurisdiction to receive any unclaimed superannuation money and, therefore, removes the place of incorporation.

The Bill also incorporates a new part into the principal Act, that is, the receipt by the ACT of unclaimed moneys from retirement savings accounts, that is, RSAs. The Commonwealth in 1997 passed the Retirement Savings Account Act which enables the States and Territories to receive unclaimed money arising from the RSAs. Other jurisdictions have made or are to make similar legislative provisions. It is critical that this Bill is passed this week to enable the ACT to receive unclaimed superannuation moneys by the end of the month as required by the Insurance and Superannuation Commission. The Bill also makes a number of drafting improvements and updates to the principal Act, for example, with the regime of penalty units. I understand that if this Bill is not passed today those unclaimed moneys could be claimed by the ATO, the Australian Taxation Office. I am sure members would not like that to happen.

Declaration of Urgency

MS CARNELL: I declare the Unclaimed Moneys (Amendment) Bill 1998 an urgent Bill.

Question put:

That the Bill be considered an urgent Bill.

Question resolved in the affirmative.

Allotment of Time

Motion (by Ms Carnell) agreed to:

That the following times be allocated for consideration of the Unclaimed Moneys (Amendment) Bill 1998:

(1) for the agreement in principle stage - until 5.30 p.m. this day; and

(2) for the remaining stages - until 5.45 p.m. this day.

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