Superannuation (Unclaimed Money and Lost Members) Regulations 1999 (Repealed)

PART 3 - INFORMATION TO BE INCLUDED IN NOTICES  

REGULATION 4E   TEMPORARY RESIDENTS - UNCLAIMED AMOUNT PAID ON OR AFTER 1 JULY 2013  

4E(1)    
This regulation is made for subsection 20H(2AA) of the Act.

4E(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 , 20QD or 24E , of the Act applies.

4E(3)    
However, this regulation does not apply to an amount:

(a) to which section 18A , 20K , 20QJ or 24J of the Act applies; or

(b) mentioned in subsection 65AA(2) of the Superannuation Guarantee (Administration) Act 1992 .

4E(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.

4E(5)    
The interest is to be worked out by adding together the interest for each financial year during the interest period.

4E(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
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%.