Superannuation (Unclaimed Money and Lost Members) Act 1999
If any of the amount a superannuation provider must pay under section 20QD remains unpaid after it is due and payable, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that:
(a) starts at the time it is due and payable; and
(b) ends at the end of the last day on which either of the following remains unpaid:
(i) the amount unpaid when it is due and payable;
Offence of failing to make payment to Commissioner 20QE(2)
(ii) general interest charge on any of the amount.
A person commits an offence if:
(a) the person is subject to a requirement under subsection 20QD(1) or (4) ; and
(b) the person engages in conduct; and
(c) the person ' s conduct breaches the requirement.
Penalty for an offence against subsection (2): 100 penalty units.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.