The Treasury Legislation Amendment (Unclaimed Money and Other Measures) Regulation 2013 was registered on Mon 17.6.2013. It amends the Banking Regulations 1966, Corporations Regulations 2001, First Home Saver Accounts Regulations 2008, Life Insurance Regulations 1995 and Superannuation (Unclaimed Money and Lost Members) Regulations 1999 to specify how to work out the interest payable by the Commonwealth on unclaimed money.
Several Acts set out circumstances under which money held by the entities will be considered unclaimed money and must therefore be paid to the Commonwealth (either to the Commissioner of Taxation or ASIC). The amending Regulation specifies how interest is to be worked out for unclaimed money held by the Commonwealth from 1 July 2013. It also amends the Unclaimed Superannuation Regulations to specify that interest is payable for the period before 1 July 2013 for payments of unclaimed superannuation made after 1 July 2013, where the amount would have satisfied the other conditions for the payment of interest. Interest will be paid on these amounts at the 10 year bond rate.
[LTN 114, 17/6/13]