Commonwealth Consolidated Acts

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.