Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 3 - PAYMENT OF UNCLAIMED MONEY TO THE COMMISSIONER  

Division 3 - Payment of unclaimed money  

SECTION 17A   PAYMENTS OF UNCLAIMED MONEY - LATE PAYMENTS  

General interest charge on late payment

17A(1)    
If any of the amount a superannuation provider must pay under subsection 17(1) remains unpaid after it is due and payable, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that:

(a) starts at the time it is due and payable, and

(b) ends at the end of the last day on which either of the following remains unpaid:

(i) the amount unpaid when it is due and payable;

(ii) general interest charge on any of the amount.

Offence of failing to make payment to Commissioner

17A(2)    
A person commits an offence if:

(a) the person is subject to a requirement under subsection 17(1) ; and

(b) the person engages in conduct; and

(c) the person ' s conduct breaches the requirement.

Penalty for an offence against subsection (2): 100 penalty units.