Document ID: chunk:federal_register_of_legislation:F2015L02111:reg:8
Version: federal_register_of_legislation:F2015L02111
Segment Type: reg
Provision Reference: reg 8
Character Range: 3622–4897

8  Interest payable for a financial year
 (1) The amount of interest payable in respect of an unclaimed amount for a financial year is the amount worked out by using the following formula and rounding the result to the nearest cent:
where:
amount means the unclaimed amount plus the amount of any interest worked out under this section for each earlier financial year in which the interest period for the unclaimed amount falls.
days interest payable means the number of days in the interest period for the unclaimed amount that fall in the financial year.
days in the financial year means the number of days in the financial year.
interest rate means:
 (a) the percentage change in the index numbers for 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 equal to or less than 0%—0%.
 (2) In working out the interest rate:
 (a) use only the index numbers published in terms of the most recently published index reference period for the Consumer Price Index; and
 (b) disregard index numbers published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).