Treasury Legislation Amendment (Unclaimed Money and Other Measures) Regulation 2013 (117 of 2013)
Schedule 1 Amendments
Superannuation (Unclaimed Money and Lost Members) Regulations 1999
10 After regulation 4C
Insert:
4D Temporary residents - unclaimed amount paid before 1 July 2013
(1) This regulation is made for subsection 20H(2B) of the Act.
(2) This regulation sets out how to work out the interest on an amount (the unclaimed amount ) that:
(a) the Commissioner receives under subsection 20F(1) of the Act; and
(b) the Commissioner pays under subsection 20H(2) of the Act before 1 July 2013.
Note: See regulations 4E and 4F for an unclaimed amount that is paid on or after 1 July 2013.
(3) However, this regulation does not apply to an amount:
(a) to which section 18A, 20K or 24J of the Act applies; or
(b) mentioned in subsection 65AA(2) of the Superannuation Guarantee (Administration) Act 1992.
(4) The interest is to be worked out for the period (the interest period ) that:
(a) starts on the later of:
(i) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner under subsection 20F(1) of the Act; and
(ii) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner in accordance with a notice under subsection 255-10(2) of Schedule 1 to the Taxation Administration Act 1953; and
(b) ends on the earlier of:
(i) the third day after the Commissioner last authorised the unclaimed amount to be paid under subsection 20H(2) of the Act; and
(ii) 30 June 2013.
(5) The interest is to be worked out by adding together the interest for each financial year during the interest period.
(6) The interest for each financial year is worked out using the following formula, and rounding the result to the nearest cent:
(Amount x Days interest payable x Interest rate) / Days in the financial year
where:
amount means the unclaimed amount plus the interest (if any) worked out for each earlier financial year for which interest is payable.
days interest payable means the number of days in the financial year for which interest is payable.
days in the financial year means the number of days in the financial year.
interest rate , for a financial year, means:
(a) the Treasury bond rate for the last working day of the financial year immediately before the financial year for which interest is payable; or
(b) if that rate is less than 0% - 0%.
4E Temporary residents - unclaimed amount paid on or after 1 July 2013
(1) This regulation is made for subsection 20H(2AA) of the Act.
(2) This regulation sets out how to work out the interest on the excess (the unclaimed amount ) that the Commissioner receives under subsection 20F(1) of the Act if the Commissioner:
(a) pays the unclaimed amount to, or on behalf of a person, under subsection 20H(2) of the Act on or after 1 July 2013; and
(b) is satisfied the person is (or was just before dying):
(i) an Australian citizen; or
(ii) the holder of a permanent visa under the Migration Act 1958.
Note 1: See regulation 4D for an unclaimed amount that the Commissioner pays before 1 July 2013.
Note 2: See regulation 4F for the entitlement to interest on an amount to which subsection 17(1), or section 20H or 24E, of the Act applies.
(3) However, this regulation does not apply to an amount:
(a) to which section 18A, 20K or 24J of the Act applies; or
(b) mentioned in subsection 65AA(2) of the Superannuation Guarantee (Administration) Act 1992.
(4) The interest is to be worked out for the period (the interest period ) that:
(a) starts on the later of:
(i) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner under subsection 20F(1) of the Act; and
(ii) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner in accordance with a notice under subsection 255-10(2) of Schedule 1 to the Taxation Administration Act 1953; and
(b) ends on 30 June 2013.
(5) The interest is to be worked out by adding together the interest for each financial year during the interest period.
(6) The interest for each financial year is worked out using the following formula, and rounding the result to the nearest cent:
(Amount x Days interest payable x Interest rate) / Days in the financial year
where:
amount means the unclaimed amount plus the interest (if any) worked out for each earlier financial year for which interest is payable.
days interest payable means the number of days in the financial year for which interest is payable.
days in the financial year means the number of days in the financial year.
interest rate , for a financial year, means:
(a) the Treasury bond rate for the last working day of the financial year immediately before the financial year for which interest is payable; or
(b) if that rate is less than 0% - 0%.
4F Other unclaimed amounts paid on or after 1 July 2013
(1) This regulation is made for the following provisions of the Act:
(a) subsections 17(2AB) and (2AC);
(b) subsection 20H(2AA);
(c) subsections 24G(3A) and (3B).
(2) This regulation sets out how to work out the interest on an amount (the unclaimed amount ) that:
(a) the Commissioner receives under subsection 17(1), or section 20F or 24E, of the Act; and
(b) the Commissioner pays under subsection 17(2), 20H(2) or 24G(2) of the Act on or after 1 July 2013.
(3) However, this regulation does not apply to an amount:
(a) to which section 18A, 20K or 24J of the Act applies; or
(b) mentioned in subsection 65AA(2) of the Superannuation Guarantee (Administration) Act 1992.
(4) The interest is to be worked out for the period (the interest period ) that:
(a) starts on the later of:
(i) 1 July 2013; and
(ii) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner under section 17, 20F or 24E of the Act; and
(iii) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner in accordance with a notice under subsection 255-10(2) of Schedule 1 to the Taxation Administration Act 1953; and
(b) ends on the third day after the Commissioner last authorised the unclaimed amount to be paid under subsection 17(2), 20H(2) or 24G(2) of the Act.
(5) The interest is to be worked out by adding together the interest for each financial year during the interest period.
(6) The interest for each financial year is worked out using the following formula, and rounding the result to the nearest cent:
(Amount x Days interest payable x Interest rate) / Days in the financial year
where:
amount means the unclaimed amount plus the interest (if any) worked out for each earlier financial year for which interest is payable.
days interest payable means the number of days in the financial year for which interest is payable.
days in the financial year means the number of days in the financial year.
interest rate , for a financial year, means:
(a) the percentage change in the All Groups CPI between the 2 March quarters most recently published before the first day of the financial year (rounded up to 4 decimal places); or
(b) if that percentage change is less than 0% - 0%.