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.


 

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.