“The government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues. Households face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts. After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues … The law is forecast to raise $109 million this year as inactive accounts for three years or more are raided by Treasury. The money can be reclaimed from ASIC but the process can take months.”
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