Superannuation (Government Co-Contribution for Low Income Earners) Act 2003

PART 4 - PAYMENT OF THE GOVERNMENT CO-CONTRIBUTION  

SECTION 16   SUPERANNUATION PROVIDER TO RETURN GOVERNMENT CO-CONTRIBUTION THAT CANNOT BE CREDITED TO ACCOUNT  

16(1)    
If:

(a) a Government co-contribution in respect of a person is paid:

(i) to the trustee of a complying superannuation fund for crediting to an account of the person within that fund; or

(ii) to the provider of an RSA that the person holds for crediting to the RSA; and

(b) the trustee or the provider has not credited the co-contribution to an account of that kind by the end of the 28th day after the day on which the co-contribution was paid to the trustee or the provider;

the trustee or the provider:

(c) is liable to repay the co-contribution to the Commonwealth; and

(d) must give the Commissioner a statement, in the approved form, in relation to the co-contribution at the time when the co-contribution is repaid.

Note:

Section 25 provides for the imposition of general interest charge if the co-contribution is not repaid within a certain period.

16(2)    
The Commissioner may recover from the trustee or provider the amount the trustee or provider is liable to repay under subsection (1) as a debt due to the Commonwealth.

16(3)    

The trustee or provider commits an offence if the trustee or provider fails to give the Commissioner a statement, in the approved form, in relation to the co-contribution at the time when the co-contribution is repaid.

Penalty: 50 penalty units.

16(4)    
An offence against subsection (3) is an offence of strict liability.