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

PART 5 - UNDERPAYMENTS AND OVERPAYMENTS  

Division 1 - Underpayments  

SECTION 21   GOVERNMENT CO-CONTRIBUTION INCREASED BY INTEREST AMOUNT IF UNDERPAID AMOUNT PAID LATE IN CERTAIN CIRCUMSTANCES  

21(1)   [Late payments]  

The amount of the Government co-contribution in respect of a person for an income year is increased by the amount of interest worked out under subsection (3) if the Commissioner does not pay the underpaid amount in full on or before the payment date for the underpaid amount.

21(2)   [Payment date in accordance with regulations]  

The payment date for the underpaid amount is to be worked out in accordance with the regulations.

21(3)   [Interest]  

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 (see subsection (2)) 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.