18 Jun 13 Interest on unclaimed money
Amendments have been made to various regulations to specify how to work out the interest payable by the Commonwealth on unclaimed money in three sets of circumstances: Treasury Legislation Amendment (Unclaimed Money and Other Measures) Regulation 2013 (SLI 2013 No 117; registered 17 June 2013. The regulations amended are 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.
These regulations have been amended to specify that interest is payable at the annual rate of increase in the CPI for all unclaimed money held by the Commonwealth under the Principal Acts from 1 July 2013.
The Superannuation (Unclaimed Money and Lost Members) Regulations have been amended to specify that interest is payable at the 10 year Treasury bond rate for the period which the unclaimed superannuation was held by the Commonwealth prior to 1 July 2013, for those amounts of unclaimed superannuation that meet certain requirements.