Treasury Legislation Amendment (Unclaimed Money and Other Measures) Regulation 2013 (117 of 2013)

Schedule 1   Amendments

Corporations Regulations 2001

4   After Part 9.5 of Chapter 9

Insert:

Part 9.7 - Unclaimed property

9.7.01 Entitlement to unclaimed property

(1) This regulation sets out how to work out the interest for paragraph 1341(3A)(a) of the Act.

(2) If the unclaimed money is paid to ASIC in more than one payment, the interest is to be worked out separately for each payment.

(3) 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 unclaimed money was paid to ASIC; and

(b) ends on the 14th day after ASIC last authorised the unclaimed money to be paid under subsection 1341(1) or (2) of the Act.

(4) The interest is to be worked out by adding together the interest for each financial year during the interest period.

(5) 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 amount of unclaimed money 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%.