Posted on 06/12/2014 2:03:18 PM PDT by wtd
THE federal government has seized a record $360 million from household bank accounts that have been dormant for just three years, prompting outrage in some quarters amid complaints that pensioners and retirees have lost deposits. Figures from the Australian Security and Investments Commission (ASIC) show almost $360 million was collected from 80,000 inactive accounts in the year to May under new rules introduced by Labor. The new rules lowered the threshold at which the government is allowed to snatch funds from accounts that remain idle from seven years to three years.
The rule change has delivered the government a massive bonanza with the money collected in the year to May more than the total collected in the past five decades combined. Between 1959 and 2012, the total collected was $330 million. While the purpose of the laws is actually to reunite people with lost accounts before funds are eroded by fees and other charges, the lower threshold has been criticised as a budget cash-grab which affected accounts that were neither lost or forgotten.
(Excerpt) Read more at moneysaverhq.heraldsun.com.au ...
That’s also why Nero wants to ban gun ownership here. They don’t have the will to cut spending so they will disarm us and then steal our assets.
Spreading the wealth don’t cha know
Someone does that to me...and I’m going to take action against those that robbed me.
(((
Good luck with that if it’s the federal government that takes it.
That’s okay. See, just fill out this twenty page form and you’ll receive your money - maybe - in seven or eight years, or so.
California does this. They steal from safety deposit boxes.
California Seizing Property from Safety Deposit Boxes
http://archive.mises.org/16433/california-seizing-property-from-safety-deposit-boxes/
I thought of you when I read this article earlier. You’re spot on. We live in the Age of Distrust.
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