Treasury Legislation Amendment (Unclaimed Money and Other Measures)Act 2012 (176 of 2012)

Schedule 2   First Home Saver Accounts

First Home Saver Accounts Act 2008

4   After subsection 51C(1)

Insert:

(1A) If ASIC pays an amount to an FHSA provider under subsection (1) on or after 1 July 2013, ASIC must also pay to the FHSA provider the amount of interest (if any) worked out in accordance with the regulations.

(1B) Regulations made for the purposes of subsection (1A) may involve different rates of interest for different periods over which the interest accrues. For this purpose, rate includes a nil rate.

(1C) Interest under subsection (1A) does not accrue in relation to a period before 1 July 2013.