Treasury Laws Amendment (2019 Measures No. 2) Act 2019 (94 of 2019)

Schedule 5   Interest on superannuation payments made by the Commissioner of Taxation

Superannuation (Unclaimed Money and Lost Members) Act 1999

13   After subregulation 4F(4)

Insert:

(4A) The interest on the unclaimed amount paid by the Commissioner under subsection 24NA(2) or (3) of the Act 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 subsection 17(1), section 20QD or section 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 24NA(2) or (3) of the Act.