SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003 - SECT 12 Government co - contribution increased by interest amount if paid late in certain circumstances

SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003 - SECT 12

  (1)   The amount of the Government co - contribution in respect of a person for an income year is increased by the amount of interest worked out under subsection   ( 2) if the Commissioner pays none of the Government co - contribution on or before the payment date for the co - contribution.

  (2)   The interest is to be calculated:

  (a)   on the amount of the Government co - contribution; and

  (b)   for the period from the payment date for the Government co - contribution until the day on which the Commissioner first pays an amount in satisfaction of the Government co - contribution; and

  (c)   on a daily basis; and

  (d)   at the base interest rate for the day on which the interest is calculated.