SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003
(a) the Commissioner makes a determination under section 19 that an underpaid amount is to be paid in respect of a person for an income year; and
(b) the determination is made on the basis that a particular amount is the correct amount of the Government co-contribution payable in respect of the person for the income year; and
(c) the determination is necessary to correct an administrative error. 22(2) [``payment shortfall'']
(a) the amount referred to in paragraph (1)(b); and
(b) the sum of the amounts that have already been paid by way of Government co-contribution in respect of the person for the income year before the determination under section 19 is made. 22(3) [Interest]
The amount of the Government co-contribution in respect of the person for the income year is increased by the amount of interest worked out under subsection (4).22(4) [Calculation of interest]
(a) on the amount of the payment shortfall; and
(b) for the period from the payment date for the Government co-contribution (see subsection 17(2) ) until the payment date for the underpaid amount (see subsection 21(2) ); and
(c) on a daily basis; and
(d) at the base interest rate for the day on which the interest is calculated.
(a) may provide that an error of a kind specified in the regulations is an administrative error for the purposes of this section; and
(b) may provide that an error of a kind specified in the regulations is not an administrative error for the purposes of this section.
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.