04 Aug 14 Tax treatment of interest paid on unclaimed super amounts
The ATO has advised that as a result of amendments made in 2013, interest on payments of unclaimed superannuation to Australian residents from 1 July 2013 will be free from income tax.
Interest paid to previous temporary residents who are now current residents of Australia for unclaimed super will not be subject to departing Australia superannuation payment (DASP) tax.
Payments of super to temporary residents will be subject to DASP withholding tax. If the former temporary resident died before the payment is made, the DASP tax rate will still apply.