Commonwealth Numbered Acts

TREASURY LEGISLATION AMENDMENT (UNCLAIMED MONEY AND OTHER MEASURES) ACT 2012 (NO. 176, 2012) - SCHEDULE 4

Superannuation (Unclaimed Money and Lost Members) Act 1999

1  After subsection 17(2AA)

Insert:

       (2AB)  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 (2AB) is appropriated by section 16 of the Taxation Administration Act 1953 .

       (2AC)  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 (2AC) is appropriated by section 16 of the Taxation Administration Act 1953 .

       (2AD)  Regulations made for the purposes of subsection (2AB) or (2AC) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate.

        (2AE)  Interest under subsection (2AB) or (2AC) does not accrue in relation to a period before 1 July 2013.

2  After subsection 20H(2)

Insert:

       (2AA)  If the Commissioner makes a payment under subsection (2) on or after 1 July 2013, the Commissioner must also pay to the person, fund or legal personal representative the amount of interest (if any) worked out in accordance with the regulations.

       (2AB)  Regulations made for the purposes of subsection (2AA) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate.

3  Subsection 20H(2A)

Omit "The", substitute "If the Commissioner makes a payment under subsection (2) before 1 July 2013, the".

4  Paragraph 20H(3)(b)

After "under subsection", insert "(2AA) or".

5  Paragraph 24B(1)(b)

Omit "$200", substitute "$2,000".

6  Paragraph 24B(2)(b)

Omit "5 years", substitute "12 months".

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.

8  Transitional--scheduled statement day

Scope

(1)       This item applies if an unclaimed money day is 31 December 2012.

Scheduled statement day

(2)       Sections 24C and 24E of the Superannuation (Unclaimed Money and Lost Members) Act 1999 have effect as if the scheduled statement day for the unclaimed money day was 31 May 2013 instead of the day specified in the instrument under section 15A of that Act.