FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 4 - GOVERNMENT FHSA CONTRIBUTIONS  

Division 2 - Payment of Government FHSA contribution  

SECTION 44   Government FHSA contribution increased by interest amount if paid late in certain circumstances  

44(1)    
The amount of the Government FHSA contribution for a person for a financial year is increased by the amount of interest worked out under subsection (2) if the Commissioner pays none of the Government FHSA contribution on or before the payment date for the contribution (see subsection 42(1) ).

44(2)    
The interest is to be calculated:

(a) on the amount of the Government FHSA contribution; and

(b) for the period from the payment date for the Government FHSA contribution until the day on which the Commissioner first pays an amount in satisfaction of the Government FHSA contribution; and

(c) on a daily basis; and

(d) at the base interest rate for the day on which the interest is calculated.