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

PART 2 - GOVERNMENT CO-CONTRIBUTION IN RESPECT OF LOW INCOME EARNERS  

Division 2 - 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]  

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.