SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003

PART 4 - PAYMENT OF THE GOVERNMENT CO-CONTRIBUTION  

SECTION 16   SUPERANNUATION PROVIDER TO RETURN GOVERNMENT CO-CONTRIBUTION THAT CANNOT BE CREDITED TO ACCOUNT  

16(1)  
If:


(a) a Government co-contribution in respect of a person is paid:


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

(ii) to the provider of an RSA that the person holds for crediting to the RSA; and


(b) the trustee or the provider has not credited the co-contribution to an account of that kind by the end of the 28th day after the day on which the co-contribution was paid to the trustee or the provider;

the trustee or the provider:


(c) is liable to repay the co-contribution to the Commonwealth; and


(d) must give the Commissioner a statement, in the approved form, in relation to the co-contribution at the time when the co-contribution is repaid.

Note:

Section 25 provides for the imposition of general interest charge if the co-contribution is not repaid within a certain period.

16(2)  
The Commissioner may recover from the trustee or provider the amount the trustee or provider is liable to repay under subsection (1) as a debt due to the Commonwealth.

16(3)  


The trustee or provider commits an offence if the trustee or provider fails to give the Commissioner a statement, in the approved form, in relation to the co-contribution at the time when the co-contribution is repaid.

Penalty: 50 penalty units.

16(4)  
An offence against subsection (3) is an offence of strict liability.




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