Superannuation (Unclaimed Money and Lost Members) Regulations 1999 (Repealed)
View history note
Hide history noteThis regulation is made for subsection 20H(2B) of the Act.
4D(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.
4D(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 .
4D(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.
4D(5)
The interest is to be worked out by adding together the interest for each financial year during the interest period.
4D(6)
The interest for each financial year is worked out using the following formula, and rounding the result to the nearest cent:
| Amount × Days interest payable × 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%.
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