Document ID: chunk:federal_register_of_legislation:F2023C00950:reg:8
Version: federal_register_of_legislation:F2023C00950
Segment Type: reg
Provision Reference: reg 8
Character Range: 6125–8579

8  Interest on unclaimed amounts—interest periods ending on 30 June 2013
 (1) For the purposes of subsection 20H(2AA) of the Act, this section applies to work out the interest on an amount (the unclaimed amount) that:
 (a) the superannuation provider was, before 1 July 2013, required to pay to the Commissioner under section 20F of the Act; and
 (b) the Commissioner received under section 20F of the Act before, on or after that day; and
 (c) the Commissioner pays under subsection 20H(2) of the Act, on or after the day this instrument commenced, to or on behalf of a person whom the Commissioner is satisfied is (or was just before dying):
 (i) an Australian citizen; or
 (ii) the holder of a permanent visa under the Migration Act 1958.
The interest worked out under this section on the unclaimed amount is in addition to any interest worked out under section 9 on the unclaimed amount.
 (2) However, this section 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.
 (3) The interest is to be worked out for the period (the interest period) that:
 (a) started on the later of:
 (i) the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner under section 20F 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) or (2A) in Schedule 1 to the Taxation Administration Act 1953; and
 (b) ended on 30 June 2013.
 (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 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%.