Superannuation (Government Co-Contribution for Low Income Earners) Act 2003
(a) the Commissioner makes a determination under section 19 that an underpaid amount is to be paid in respect of a person for an income year; and
(b) the determination is made on the basis that a particular amount is the correct amount of the Government co-contribution payable in respect of the person for the income year; and
(c) the determination is necessary to correct an administrative error. 22(2) [``payment shortfall'']
The payment shortfall is the difference between:
(a) the amount referred to in paragraph (1)(b); and
(b) the sum of the amounts that have already been paid by way of Government co-contribution in respect of the person for the income year before the determination under section 19 is made. 22(3) [Interest]
The amount of the Government co-contribution in respect of the person for the income year is increased by the amount of interest worked out under subsection (4).
22(4) [Calculation of interest]The interest is to be calculated:
(a) on the amount of the payment shortfall; and
(b) for the period from the payment date for the Government co-contribution (see subsection 17(2) ) until the payment date for the underpaid amount (see subsection 21(2) ); and
(c) on a daily basis; and
(d) at the base interest rate for the day on which the interest is calculated.
View history note
Hide history note(a) may provide that an error of a kind specified in the regulations is an administrative error for the purposes of this section; and
(b) may provide that an error of a kind specified in the regulations is not an administrative error for the purposes of this section.
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