Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

in reply—Firstly, I would like to thank all of those who have contributed to the debate on the Temporary Residents’ Superannuation Legislation Amendment Bill 2008 and the Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill 2008. There has been a considerable amount of interest in this measure. I will make two points initially. Firstly, I want to make it clear that a departed temporary resident does not lose their legal right to claim the moneys in their account. Even though it is transferred from what are generally lost accounts—although we have no breakdown, I will accept there is some that is not in lost accounts—the transfer occurs to the ATO. Senator Bushby raised a concern about the interest. At the moment, Senator Bushby, as you would be well aware, there is no interest.