Document ID: chunk:federal_register_of_legislation:F2016L01901:reg:26
Version: federal_register_of_legislation:F2016L01901
Segment Type: reg
Provision Reference: reg 26
Character Range: 18497–20043

26  Interest payable
 (1) This section sets out how to work out the interest for the purposes of paragraph 69(7AA)(a) of the Act.
 (2) If the unclaimed money is paid to the Commonwealth in more than one payment, the interest is to be worked out separately for each payment.
 (3) The interest is to be worked out for the period (the interest period) that:
 (a) starts on the day when the unclaimed money was paid to the Commonwealth; and
 (b) ends on the 14th day after the Commonwealth last authorised the unclaimed money to be paid under subsection 69(7) of the Act.
 (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 worked out using the following formula, and rounding the result to the nearest cent:
where:
amount means the amount of unclaimed money 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 Consumer Price Index number (the weighted average of the 8 capital cities), published by the Australian Bureau of Statistics, 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%.