Superannuation (Unclaimed Money and Lost Members) Regulations 1999 (Repealed)

PART 3 - INFORMATION TO BE INCLUDED IN NOTICES  

REGULATION 4F   OTHER UNCLAIMED AMOUNTS PAID ON OR AFTER 1 JULY 2013  

4F(1)    
This regulation is made for the following provisions of the Act:

(a) subsections 17(2AB) and (2AC) ;

(b) subsection 20H(2AA) ;

(ba) subsections 20QF(5) and (6) ;

(c) subsections 24G(3A) and (3B) ;

(d) subsection 24NA(4) .

4F(2)    
This regulation sets out how to work out the interest on an amount (the unclaimed amount ) that:

(a) the Commissioner receives under subsection 17(1) , or section 20F , 20QD or 24E , of the Act; and

(b) the Commissioner pays under subsection 17(2) , 20H(2) , 20QF(2) , 24G(2) , 24NA(2) or 24NA(3) of the Act on or after 1 July 2013.

4F(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 .

4F(4)    
The interest on the unclaimed amount paid by the Commissioner under subsection 17(2) , 20H(2) , 20QF(2) or 24G(2) 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 section 17 , 20F , 20QD or 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 17(2) , 20H(2) , 20QF(2) or 24G(2) of the Act.

4F(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.

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

4F(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 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%.