Remember the school thug who demanded to beat you up if you didn’t hand over your lunch money?
Well, the latest innovative move by the government feels like we’re in that playground again.
Basically, ASIC and the ATO have now given themselves the power to steal your money!
Am I serious? Well, let’s look at the new rules:
NEW PLAYGROUND RULE NUMBER ONE
If you leave your money in a bank account for 3 years and don’t touch it, ASIC can sweep it up into their coffers. Incredible hey? Sure, you can reclaim it but we all know how long the red tape process can take! How will that feel if a ‘surprise bill’ suddenly appeared?
This means potentially millions in savings, bonds, and trust accounts can now be legally stolen.
It’s been reported the government rushed this law through late last year to make a budget surplus. Some Christmas present that turned out to be!
The sad thing is, folks likely to be hurt the most are those who have moved and forgotten to tell the bank their new address. They won’t get the notices and ASIC will collect the funds. Not only that, but landlords who have long-term bonds, or those who have moved overseas for some time, may also have a nasty shock waiting for them too.
NEW PLAYGROUND RULE NUMBER TWO
Super accounts less than $2,000 which have not received additional amounts for 12 months or more will go into the holding fund of the ATO by May 31.
So now the ATO can steal your super money from you!
So there you have it. Now all that said, we concede there may be one good thing to this one. It stops the accounts from being eroded by super fees and charges.
The bottom line is this … If you don’t control your money the government certainly will do that for you!!!
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