Document ID: chunk:federal_register_of_legislation:F2023C00950:reg:9:p1
Version: federal_register_of_legislation:F2023C00950
Segment Type: reg
Provision Reference: reg 9 (pt 1/2)
Character Range: 8579–11197

9  Interest on unclaimed amounts—interest periods starting on or after 1 July 2013
 (1) For the purposes of subsections 17(2AB) and (2AC), 20H(2AA), 20QF(5) and (6), 21E(5) and (6), 22B(5) and (6), 24G(3A) and (3B) and 24NA(4) of the Act, this section applies to work out the interest on an amount (the unclaimed amount) that:
 (a) a superannuation provider:
 (i) is required, or before the commencement of this instrument was required, to pay to the Commissioner under section 17, 20F, 20QD, 21C or 24E of the Act; or
 (ii) pays to the Commissioner under section 22 of the Act; and
 (b) the Commissioner receives under section 17, 20F, 20QD, 21C, 22 or 24E of the Act; and
 (c) the Commissioner pays under subsection 17(2), 20H(2), 20QF(2), 21E(2), 22B(2), 24G(2) or 24NA(2) or (3) of the Act on or after the day this instrument commenced.
 (2) However, this section does not apply to an amount:
 (a) to which section 18A, 20K, 20QJ, 21F, 22C or 24J of the Act applies; or
 (b) mentioned in subsection 65AA(2) of the Superannuation Guarantee (Administration) Act 1992.
 (3) The interest is to be worked out for the period (the interest period) that:
 (a) starts, or started, 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, 21C or 24E of the Act, or paid the unclaimed amount to the Commissioner under section 22 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) or (2A) in 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), 21E(2), 22B(2), 24G(2) or 24NA(2) or (3) of the Act.
A day mentioned in subparagraph (a)(ii) or (iii) or paragraph (b) may be the day this section commences, or any other day occurring before or after that day.
 (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 to be worked out using the following formula, and rounding the result to the nearest cent (with 0.5 cents being rounded up):
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