Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 1   Interest on unclaimed money

Part 2   Other amendments

Income Tax Assessment Act 1997

34   At the end of Division 51

Add:

51-120 Interest on unclaimed money and property

The following amounts are exempt from income tax:

(a) an amount of interest paid under paragraph 69(7AA)(b) of the Banking Act 1959;

Note: An amount of interest paid under paragraph 69(7AA)(a) of the Banking Act 1959 is not ordinary income or statutory income.

(b) an amount of interest paid under subsection 1341(3A) of the Corporations Act 2001;

(c) an amount of interest paid under subsection 51C(1A) of the First Home Saver Accounts Act 2008;

(d) an amount an *FHSA provider contributes or pays under paragraph 51C(2)(b) of the First Home Saver Accounts Act 2008 because it receives an amount under subsection 51C(1A);

(e) an amount of interest paid under paragraph 216(7A)(b) of the Life Insurance Act 1995.

Note: An amount of interest paid under paragraph 216(7A)(a) of the Life Insurance Act 1995 is not ordinary income or statutory income.

Note: For interest paid under the Superannuation (Unclaimed Money and Lost Members) Act 1999, see subsections 307-142(3B) and (3C).