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Schedule 5—Interest on superannuation payments made by the Commissioner of Taxation

Schedule 5 Interest on superannuation payments made by the Commissioner of Taxation

   

Superannuation (Unclaimed Money and Lost Members) Act 1999

1  At the end of section 24NA

Add:

             (4)  If the Commissioner makes a payment to a fund under subsection (2) or regulations made for the purposes of subsection (3), the Commissioner must also pay to the fund the amount of interest (if any) worked out in accordance with the regulations.

Note:          Money for payments under this section is appropriated by section 16 of the Taxation Administration Act 1953 .

             (5)  Regulations made for the purposes of subsection (4) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate.

2  Paragraph 24NB(1)(a)

After “subsection 24NA(2)”, insert “, subsection 24NA(4)”.

Superannuation (Unclaimed Money and Lost Members) Regulations 1999

3  Subregulation 4E(2) (note 2)

After “20H”, insert “, 20QD”.

4  Paragraph 4E(3)(a)

After “20K”, insert “, 20QJ”.

5  After paragraph 4F(1)(b)

Insert:

                   (ba)  subsections 20QF(5) and (6);

6  At the end of subregulation 4F(1)

Add:

                   ; (d)  subsection 24NA(4).

7  Paragraph 4F(2)(a)

After “section 20F”, insert “, 20QD”.

8  Paragraph 4F(2)(b)

Omit “or 24G(2)”, substitute “, 20QF(2), 24G(2), 24NA(2) or 24NA(3)”.

9  Paragraph 4F(3)(a)

After “20K”, insert “, 20QJ”.

10  Subregulation 4F(4)

After “The interest”, insert “on the unclaimed amount paid by the Commissioner under subsection 17(2), 20H(2), 20QF(2) or 24G(2) of the Act”.

11  Subparagraph 4F(4)(a)(ii)

After “20F”, insert “, 20QD”.

12  Paragraph 4F(4)(b)

After “20H(2)”, insert “, 20QF(2)”.

13  After subregulation 4F(4)

Insert:

          (4A)  The interest on the unclaimed amount paid by the Commissioner under subsection 24NA(2) or (3) of the Act is to be worked out for the period (the interest period ) that:

                     (a)  starts on the later of:

                              (i)  1 July 2013; and

                             (ii)  the day when the superannuation provider was required to pay the unclaimed amount to the Commissioner under subsection 17(1), section 20QD or section 24E of the Act; and

                            (iii)  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) of Schedule 1 to the Taxation Administration Act 1953 ; and

                     (b)  ends on the third day after the Commissioner last authorised the unclaimed amount to be paid under subsection 24NA(2) or (3) of the Act.

(190/19)