Document ID: chunk:federal_register_of_legislation:C2012A00176:clause:4_7
Version: federal_register_of_legislation:C2012A00176
Segment Type: clause
Provision Reference: sch 4 cl 7
Character Range: 18519–19790

7  After subsection 24G(3)
Insert:
 (3A) If:
 (a) the Commissioner makes a payment under subsection (2) on or after 1 July 2013 to a fund, a legal personal representative or a person; and
 (b) the payment is in accordance with paragraph (2)(a), (c) or (d);
the Commissioner must also pay to the fund, legal personal representative or person the amount of interest (if any) worked out in accordance with the regulations.
Note: Money for payments under subsection (3A) is appropriated by section 16 of the Taxation Administration Act 1953.
 (3B) If:
 (a) the Commissioner makes a payment under subsection (2) on or after 1 July 2013 to a death beneficiary; and
 (b) the payment is in accordance with paragraph (2)(b);
the Commissioner must also pay to the death beneficiary the amount of interest (if any) worked out in accordance with the regulations.
Note: Money for payments under subsection (3B) is appropriated by section 16 of the Taxation Administration Act 1953.
 (3C) Regulations made for the purposes of subsection (3A) or (3B) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate.
 (3D) Interest under subsection (3A) or (3B) does not accrue in relation to a period before 1 July 2013.