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


Division 1 - Underpayments  


19(1)   [Application]  

This section applies if the Commissioner:

(a) pays an amount by way of Government co-contribution in respect of a person for an income year; and

(b) is satisfied that the amount paid is less than the correct amount of the co-contribution.

19(2)   [``underpaid amount'']  

The amount by which the correct amount exceeds the amount paid is the underpaid amount .

19(3)   [Determination must be made]  

The Commissioner must determine that the underpaid amount is to be paid in respect of the person for the income year.

19(4)   [Commissioner must determine where to pay]  

If the Commissioner makes a determination under subsection (3), the Commissioner must determine whether the underpaid amount is to be paid:

(a) to the trustee of a complying superannuation fund for crediting to an account of the person within that fund; or

(b) to the provider of an RSA that the person holds for crediting to the RSA; or

(c) to the person; or

(d) to the person's legal personal representative; or

(e) into an account of the person in the Superannuation Holding Accounts Special Account.

19(5)   [Commissioner must determine which account]  

If the Commissioner makes a determination under paragraph (4)(a) or (b), the Commissioner must also determine which particular account the underpaid amount is to be paid into.

19(6)   [Commissioner must follow Regulations]  

The Commissioner must make determinations under subsections (4) and (5) in accordance with the regulations made for the purposes of this section.

19(7)   [Revocation of determination]  

The Commissioner may revoke a determination made under this section if the Commissioner is satisfied that:

(a) payment of the underpaid amount cannot be effected in accordance with the determination; or

(b) it is otherwise appropriate in the circumstances to revoke the determination.

19(8)   [Regulations may prescribe timing]  

The regulations may prescribe the time within which determinations under this section are to be made.

19(9)   [Timing]  

The Commissioner must, in accordance with the determinations made under this section, pay the underpaid amount on or before the payment date for the underpaid amount.

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