Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 3B - PAYMENT OF LOW BALANCES IN INACTIVE ACCOUNTS TO THE COMMISSIONER  

Division 3 - Payment in respect of inactive low-balance accounts  

SECTION 20QE   PAYMENT IN RESPECT OF INACTIVE LOW-BALANCE ACCOUNTS - LATE PAYMENTS  

General interest charge on late payment

20QE(1)    
If any of the amount a superannuation provider must pay under section 20QD 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

20QE(2)    
A person commits an offence if:

(a) the person is subject to a requirement under subsection 20QD(1) or (4) ; 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.