Superannuation (Government Co-Contribution for Low Income Earners) Act 2003
PART 2
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GOVERNMENT CO-CONTRIBUTION IN RESPECT OF LOW INCOME EARNERS
Division 2
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Amount of the Government co-contribution
SECTION 12
GOVERNMENT CO-CONTRIBUTION INCREASED BY INTEREST AMOUNT IF PAID LATE IN CERTAIN CIRCUMSTANCES
12(1)
[Interest to be paid for late payments]
(a) on the amount of the Government co-contribution; and
(b) for the period from the payment date for the Government co-contribution until the day on which the Commissioner first pays an amount in satisfaction of the Government co-contribution; and
(c) on a daily basis; and
(d) at the base interest rate for the day on which the interest is calculated.
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 (2) if the Commissioner pays none of the Government co-contribution on or before the payment date for the co-contribution.
12(2) [Calculation of interest to be paid]The interest is to be calculated:
(a) on the amount of the Government co-contribution; and
(b) for the period from the payment date for the Government co-contribution until the day on which the Commissioner first pays an amount in satisfaction of the Government co-contribution; and
(c) on a daily basis; and
(d) at the base interest rate for the day on which the interest is calculated.
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