FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 4 - GOVERNMENT FHSA CONTRIBUTIONS  

Division 3 - Underpayments of Government FHSA contribution  

SECTION 48   Government FHSA contribution increased by interest amount if underpaid amount paid late in certain circumstances  

48(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 does not pay the underpaid amount in full on or before the payment date for the underpaid amount (see subsection 46(5) ).

48(2)    
The interest is to be calculated:

(a) on the underpaid amount that remains unpaid on the payment date for the underpaid amount; and

(b) for the period from the payment date for the underpaid amount until the day on which the underpaid amount is paid in full; and

(c) on a daily basis; and

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