The Federal Government has just passed legislation that gives them the power to take your money from your bank account if you have not used it for 3 years.
What do you mean? That’s outrageous! The budget deficit has to be filled somehow.
From the 31st of May 2013, the Federal Government will have the power to transfer your bank balance to their coffers. You will be able to claim it back from ASIC but imagine the paperwork!
So, make sure all your bank accounts have had a deposit or withdrawal ($1 is enough) every three years. Account fees and interest deposits don’t count.
Don’t forget kids’ savings accounts, commercial property bonds and trust accounts.