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

PART 5A - GENERAL INTEREST CHARGE  

SECTION 25   WHEN GENERAL INTEREST CHARGE PAYABLE  

25(1A)   [Superannuation providers]  

If:

(a) a person is liable under subsection 16(1) or 20(1) to repay an amount; and

(b) the whole or a part of the amount remains unpaid after the time by which the amount is due to be paid;

the person is liable to pay general interest charge on the unpaid amount.

25(1)   [Application of the GIC]  

If:

(a) the Commissioner gives a person notice under item 3 or 4 of the table in subsection 24(3) ; and

(b) an amount that the person must pay under the notice remains unpaid after the time by which it is due to be paid;

the person is liable to pay general interest charge on the unpaid amount.

25(2)   [Liability to pay]  

A person who is liable under this section to pay general interest charge on an unpaid amount is liable to pay the charge for each day in the period that:

(a) started at the beginning of the day by which the unpaid amount was due to be paid; and

(b) finishes at the end of the last day at the end of which any of the following remains unpaid:

(i) the unpaid amount;

(ii) general interest charge on any of the unpaid amount.

25(3)   [Timing]  

For the purposes of this section:

(a) an amount that a person becomes liable under subsection 16(1) or 20(1) to repay is due to be paid 7 days after the day on which the person first becomes liable to repay the amount; and

(b) an amount payable under a notice given under item 3 or 4 of the table in subsection 24(3) is due to be paid 28 days after the day on which the notice is given.

25(4)   [``general interest charge'']  

In this section:

general interest charge
means the charge worked out under Part IIA of the Taxation Administration Act 1953 .