Document ID: chunk:federal_register_of_legislation:C2022C00273:section:20h:p3
Version: federal_register_of_legislation:C2022C00273
Segment Type: section
Provision Reference: s 20H (pt 3/3)
Character Range: 78668–81219

or subsection 20QF(2), section 21C or subsection 21E(2), section 22 or subsection 22B(2), or section 24E or subsection 24G(2); and
 (b) at a rate equal to the annual yield on Treasury bonds with a 10‑year term or, if another rate is prescribed by the regulations, that other rate.
Note: The regulations may provide for various matters relevant to working out the interest, such as working out the periods for which particular rates apply to particular amounts of principal (which will affect any compounding of the interest, among other things).
 (2C) Regulations for the purposes of subsection (2B) may prescribe different rates for different periods over which the interest accrues, including a nil rate for any period starting when the person turns 65. This does not limit the ways in which the regulations may provide for working out the amount of interest under that subsection.
 (3) However, if the person has died and the Commissioner is satisfied that one or more superannuation providers that made any of the payments described in subparagraphs (1)(b)(i), (ii), (iiaa), (iiab), (iiac) and (iia) would, if they had not made those payments, have been required because of the person's death to pay an amount to one or more other persons (the death beneficiaries), the Commissioner must pay each death beneficiary:
 (a) the total of the amounts the Commissioner is satisfied the superannuation providers would have been required to pay the death beneficiary; or
 (b) if the total of the excess and any interest that would be payable under subsection (2AA) or (2A) apart from this subsection is less than the sum of the totals described in paragraph (a) for all the death beneficiaries—the amount worked out for the death beneficiary using the formula in subsection (4).
Note: Money for payments under this section is appropriated by section 16 of the Taxation Administration Act 1953.
 (4) The formula is:

Withholding tax from payment
 (5) For the purposes of subparagraph (1)(b)(iv), an amount withheld under Division 12 in Schedule 1 to the Taxation Administration Act 1953 from a payment under this section is taken to have been paid by the Commissioner.
 (6) To avoid doubt, subsection (2) has effect subject to Division 12 in Schedule 1 to the Taxation Administration Act 1953.
Note: Division 12 in Schedule 1 to the Taxation Administration Act 1953 requires entities paying departing Australia superannuation payments and excess untaxed roll‑over amounts to withhold amounts from those payments.

Division 5—Various rules for special cases